Benchmark equity indices gained over 2% on Wednesday.
The 30-share BSE Sensex finished trading at 54,647.33, up by 1,223.24 points or 2.29% from Tuesday’s closing mark. The broader 50-share Nifty gained 331.90 points or 2.07% and closed at 16,345.40. This is the second day of the markets closing higher.
“With humanitarian causes opening up, markets are recovering losses on hopes of a resolution in the Russia-Ukraine conflict,” said Gaurang Shah, senior vice-president at Geojit Financial Services, according to the Business Standard.
Asian Paints, Reliance Industries, Bajaj Finance, IndusInd Bank and M&M were among the top Sensex gainers.
Meanwhile, shares of aviation companies registered gains as the government on Tuesday said that international flights will resume from March 27. The flights had not operated optimally for two years because of the Covid-19 pandemic.
Rupee cost Rs 76.78 against the dollar on Wednesday. Forex traders told PTI that the Rupee’s value is volatile and dependent on the developments in the Ukraine-Russia conflict.
Crude oil prices on Wednesday cost $127 or Rs 9,729.72 per barrel.
United States President Joe Biden on Tuesday announced that the country would ban the import of crude oil from Russia, causing a strain on international markets and higher inflation, reported The Indian Express. “As long as the war lingers and crude remains at high levels a sustained rally is unlikely. High crude oil will impact India’s GDP growth and corporate earnings growth for FY 23”, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services as per the report.