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At the interbank foreign exchange market, the rupee opened weak at 75.73 against the US dollar. However, it recovered most of its losses to quote at 75.35 at 1530 hrs, down 2 paise from the previous close.

"A close below 16,356 levels shall dissipate the current bullish momentum by resuming the weakness in the index."

“February is better than January. In the passenger vehicle segment, we will see at least 3 lakh plus dispatches to the dealers which will be happening after a long time. The semiconductor issue had slowly eased off but the Russian invasion issue has cropped up and palladium comes from Russia. I am expecting that to affect the market. If this does not get resolved soon, then we will see March production getting hampered.”

The 30-share pack Sensex rallied 388.76 points or 0.70 per cent to 56,247.28. Its broader peer, Nifty50, surged 135.50 points or 0.81 per cent to 16,793.90.

“We have been gearing our portfolios towards engineering and capital goods names because there are the concrete signs of revival in the investment cycle on the ground and there is significant thrust on the government as well which was visible in these Budget announcements as well. We have seen some fairly good or healthy corrections across the market and even in some good quality names. I do feel excited about markets and we find a lot of good opportunities.”

​​ The committee at its meeting held on Monday approved issue of non-convertible debentures (NCDs) of up to Rs 100 crore along with an option to retain over subscription of up to Rs 400 crore, aggregating up to Rs 500 crore, Piramal Enterprises said in a regulatory filing.

Market experts believe that outflows from the equity market amid the rising global inflation worries, war scare and safe haven appeal of bullion has pushed gold prices higher.

The conflict could also make emerging markets (India included) riskier for foreign investors. However, in the long term, we see “fundamentals” as a driver of “flows” and not the other way round. Given that India’s fundamentals are strong, flows will follow — eventually.

The rating agency said that it will have to be watched if the conflict lasts longer and escalates to other parts of Europe. Russia is a major exporter of fuel, chemicals and metals. As a reaction to the conflict, most of the G7 nations have announced sanctions on Russia, trying to limit their trade.

The 30-share pack Sensex climbed 388.76 points or 0.70 per cent to close at 56,247.28. Its broader peer NSE Nifty advanced 135.50 points or 0.81 per cent to 16,7933.90.