Sensex swings 700 pts, gains on global cues

Mumbai: The sensex reversed early losses to close 0.4% higher on Monday helped by buying in Reliance, ICICI Bank and Airtel amid gains in global equities. After falling 537 points to a low of 56,825 in morning trade, the sensex recovered in afternoon trade and climbed 231 points to close at 57,593.
The rupee appreciated 4 paise to close at 76.17 against the US dollar, following a fall in crude oil prices and gains in the domestic equities.
A strengthening American currency overseas and concerns over renewed foreign capital outflows capped the gains in the domestic unit, forex traders said.
“The war is not impacting markets much now. The major headwinds for markets in 2022 will continue to be the high US inflation and Fed tightening,” said V K Vijayakumar, chief investment strategist at Geojit Financial Services.tnn