Indian shares snap three-day fall; Coal India, Airtel jump

Indian shares recovered from early losses on Monday to snap a three-session losing streak, as heavyweight banks clawed back lost ground, and Coal India and telecom major Bharti Airtel posted sharp gains.

The blue-chip NSE Nifty 50 index (NIFTY) closed 0.4% higher at 17,222, while the S&P BSE Sensex (.BSESN) rose 0.4% to 57,593.49.

Both indexes had fallen 0.9% in intraday trade, dragged down by heavyweight financials, after Shanghai announced a lockdown over the weekend to contain a spike in COVID-19 cases, stoking worries about a hit to global activity.

While Asian peers continued to face pressure, European shares gained as interest rate-sensitive stocks rose and hopes of a peace deal in the Ukraine crisis aided sentiment.

The Nifty and the Sensex have recouped some losses triggered by the Ukraine war and resultant spike in oil prices, but are still negative for the year.

The Nifty Financial Services index (CNXFINANCE) closed 0.3% higher after shedding 1.1% during the session, with top private-sector lender HDFC Bank (HDFCBANK) recovering from a 2% drop to end a tad higher.

Coal India (COALINDIA) jumped 2.8% after the miner said it meets 98% of projected coal demand of power plants.

Bharti Airtel (AIRTELPP.E1) jumped 3.3% to its highest closing level since late November, and was the top percentage gainer on the Nifty.

PVR (PVR) climbed 3.4% and INOX Leisure (INOXLEISUR) surged 11.3%, after the companies said they would merge as the COVID-hit entertainment industry looks for ways to recover and minimise losses.

Adani Total Gas (ATGL) climbed as much as 8.2% after the company announced a foray into electric mobility. The stock ended 4.2% higher.

Gas distributor GAIL (GAIL) jumped 3% after it said late on Friday that it was considering a share buyback plan.

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