Market LIVE: Sensex up 200pts, Nifty above 16,650; Bank, IT stocks firm

Live market updates: Despite uncertainty on developments around Russia-Ukraine talks, the benchmark indices started Monday's session on a positive note. The BSE Sensex rose 300 points to 55,850, while the NSE Nifty was at 16,681, higher by 51 points. 

On the Sensex, HDFC Bank, Infosys, ICICI Bank, HDFC, SBI, Asian Paints, Tech M, Bajaj Finserv, and Wipro were the leading frontrunners, up between 0.5-2 per cent. On the flip side, Hindustan Unilever, HCL Tech, Dr Reddy's, M&M, Reliance, PowerGrid, IOC, BPCL, Tata Motors, SBI Life were the top losers, down up to 1.6 per cent. 

The broader markets were also firmly up with the BSE MidCap and SmallCap indices upto 0.4 per cent higher. 

HDFC Bank was the top performer as the Reserve Bank of India on Saturday lifted all restrictions on its new digital launches. 

Among others, Paytm tanked 12 per cent on the BSE after the central bank directed Paytm Payments Bank to stop onboarding new customers and ordered a IT audit. 

Sectorally, Nifty Bank, IT, and Media indices were the leading gainers, up to 1 per cent up, while Auto, Realty, Metals and Oil & Gas indices were the top laggards.