BENGALURU: Indian shares edged up on Monday, snapping two days of losses, as global authorities took steps to contain the banking turmoil, helping dispel some of the contagion fears.

The Nifty 50 index closed 0.24% higher at 16,985.70, and the S&P BSE Sensex rose 0.22% to 57,653.86. The broader Asian equity indexes were largely subdued.

The benchmarks rose nearly 1% in intraday trade before trimming gains in a volatile session. The volatility index rose to an intraday high of 16.09 before closing at 15.45, a one-week high.

Five of the 13 major sectoral indexes advanced, with Nifty Pharma leading gains with a 1% increase.

Meanwhile, news of First Citizens BancShares agreeing to buy the collapsed Silicon Valley Bank, and the US Federal Reserve and the European Central Bank saying they are keeping a close watch on the impact of banking stress lent an uneasy calm to the markets.