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The Tokyo market stayed comfortably in positive territory throughout the day as investors were heartened by a 0.4 percent gain on the tech-rich Nasdaq index overnight on Wall Street, although the Dow fell 0.5 percent.

Many brokerage houses are advising clients to gradually build on their selected stocks in small lots as the long term India growth story remains intact.

The reality is that market rates have already moved up, and therefore, it does not really matter whether RBI hikes the repo rate or not.

Shell inched up 0.4% after the London-listed energy major said it would exit all its Russian operations, including a major liquefied natural gas plant. Its stock fell 1.4% in the previous session.

ET in the classroom: How SWIFT curbs hurt Russia’s ability to defend Ruble

“Right now, we are going to be victims of liquidity and so for the next one month, I do not expect anything big on the upside but more importantly, you might find opportunities where some stocks can give us great entry points for the next three or four years. The entire corporate system is out there. A large number of stocks have fallen 30-35-40%. It is a good time to start picking and nibbling at stocks.”

“It will be a mix of debt, equity and of course IPO. It is going to be a very interesting business opportunity and a very comfortable aspect in terms of financing the deal. Overall, the business itself is going to throw off a lot of cash and that itself will help us to get a faster payback. ”

Defense stocks Raytheon Technologies, Lockheed Martin Corp, General Dynamics Corp, Northrop Grumman and L3Harris Technologies gained following news that Germany would increase its military spending.

Concerns over tightening supplies drove prices higher as peace talks between Russia and Ukraine on Monday ended with officials heading back to capitals for further consultation, suggesting conflict resolution is not imminent.

Market declines have been so extreme that Russia’s central bank halted local trading on Monday, meaning some of the losses are understated. Shares of London-listed Russian companies, from gas producer Novatek to steelmaker Severstal, tumbled by more than 50% on Monday after the U.S., U.K., European Union and other countries ratcheted up sanctions.