The domestic equity barometers ended with limited gains after a volatile session on Monday, snapping a two-day losing run. After hitting the day's high at 17,091 in mid-afternoon trade, selling in the last hour of trade forced the Nifty to pare most gains and it ended below the 17,000 level. The barometer index, the S&P BSE Sensex rose 126.76 points or 0.22% to 57,653.86. The Nifty 50 index added 40.65 points or 0.24% to 16,985.70. In the past two trading sessions, the Sensex fell 0.96% while the Nifty slipped 1.21%. The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.37% while the S&P BSE Small-Cap index slipped 1.50%. The market breadth was weak.

Numerous global economic releases are scheduled for the final week of the current fiscal year 2022–2023. Absence of significant market triggers this week in the domestic market, investors and traders at home are likely to turn to the international markets for future direction.

Moreover, the week will witness the monthly derivatives series expiry for March on Wednesday, which shall induce some volatility in the domestic market.

Among the sectoral indices on the NSE, the Nifty Healthcare index (up 1.11%), the Nifty Pharma index (up 1.08%) and the Nifty FMCG index (up 0.28%) outperformed the Nifty50 index. Meanwhile, the Nifty Realty index (down 1.16%), the Nifty Media index (down 1.08%) and the Nifty Auto index (down 0.65%) underperformed the Nifty50 index.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper rose to 7.319 from 7.318 in previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.3775, compared with its close of 82.40 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement fell 0.98% to Rs 58,693.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 103.11.

The United States 10-year bond yield advanced 2.38% to 3.458.

In the commodities market, Brent crude for May 2023 settlement rose 67 cents or 0.89% to $75.66 a barrel.

Global Markets:

Shares in Europe advanced while Asian stocks ended mixed on Monday as investors continue to assess the impact of the banking troubles in the U.S and Europe on the global economy.

In the U.S. early on Monday, First Citizens Bank agreed to buy large parts of Silicon Valley Bank, the U.S. Federal Deposit Insurance Corporation said. However, investors remained on high alert for signs of stresses in the banking system, while fears of contagion remain.

The deal includes the purchase of approximately $72 billion of SVB assets at a discount of $16.5 billion, but around $90 billion in securities and other assets will remain “in receivership for disposition by the FDIC.”

Last Friday, Deutsche Bank shares saw a sell-off after the German lender's credit default swaps jumped. The stock was up 3.2% in mid-morning trade on Monday.

Over the weekend, International Monetary Fund chief Kristalina Georgieva said in a speech that risks to financial stability have increased, though actions by advanced economies have calmed market stress.

US stocks closed higher on Friday, marking the end of a tumultuous week as Federal Reserve officials calmed investor fears over a potential liquidity crisis in the banking sector.