Key stock indices Sensex and Nifty rose more than 2 percent on Wednesday on heavyweight Reliance Industries and HDFC Twins gains as investors looked to diplomatic efforts to end Russia’s invasion of Ukraine.
The 30-share BSE Sensex opened green and jumped another 1,469.64 points, or 2.75 percent, to 54,893.73 during the day. It finally settled at 54,647.33, up 1,223.24 points or 2.29 percent.
The broader NSE Nifty rose 331.90 points, or 2.07 per cent, to 16,345.35.
From the 30-share pack, Asian Paints, Reliance Industries Limited, Bajaj Finance, Mahindra & Mahindra, Indusind Bank, Bajaj Finserv, Maruti Suzuki, HDFC Bank and Ultratech Cement were the major gainers, up 5.56 per cent.
Among the Sensex stocks, Asian Paints topped the list, rising 5.56 percent. Reliance Industries rose 5.24 per cent, Bajaj Finserv 5 per cent and HDFC Bank 3.29 per cent.
In contrast, Power Grid Corporation, NTPC, Tata Steel, Nestle India and Wipro lagged behind.
There was a huge demand for aviation stocks in Wednesday’s trade because after a two-year hiatus, India will resume regular international flights from March 27. Shares of Interglobe Aviation jumped 6.94 percent and SpiceJet 6.05 percent.
“After backing the nail on the European market and US futures, domestic indices have moved ahead of yesterday’s gains as smart investors see value in the current market valuation.
“The domestic market is also responding positively to the expectation of exit polls and in-line state election results. In the near future, the domestic market will trade according to the state election results and positive or negative surprises in global trends,” said Vinod Nair, head of research at Geojit Financial Services.
Shares of Hong Kong, Shanghai and Tokyo declined. U.S. stock exchanges closed in negative territory on Tuesday.
European stocks opened higher as futures for the Wall Street S&P 500 index and the Dow Jones Industrial Average rose as much as 1 percent.
Meanwhile, international oil benchmark Brent crude fell 1.22 percent to USD 126.4 a barrel.
Foreign institutional investors continued their sell-off in the Indian market as they offloaded shares worth Rs 8,142.60 crore on a net basis on Tuesday, according to exchange data.
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