Key equity indices Sensex and Nifty made significant gains on Thursday.
HDFC, Titan, JSW Steel, Kotak Mahindra Bank and Reliance Industries were among the top gainers, while Infosys and HCL Technologies suffered losses.
All Nifty sectoral indices except Nifty IT ended with gains.
Meanwhile, the rupee increased by 41 paise to close at 75.80 against the dollar, PTI reported. Last week, the rupee had hit a lifetime low of 77.01 because of the surge in global crude oil prices.
“The United States Federal Reserve’s hike in its benchmark short-term interest rate, softening of oil prices and progress in talks between Russia and Ukraine contributed to the gains in equity indices,” said S Ranganathan, head of Research at LKP securities, according to Moneycontrol.
Markets have been volatile since Russia invaded Ukraine on February 24. There were fears of supply chain disruption as Russia is the world’s largest exporter of crude oil and fuels. International oil prices on February 24 had crossed the $100 per barrel mark for the first time in seven years.
Vinod Nair, head of research at Geojit Financial Services, added that foreign institutional investors becoming net buyers after a long gap came as a relief for domestic markets. “With crude prices receding, war tensions calming down and foreign investors back to buying, we can expect the rally in the domestic market to continue,” Moneycontrol quoted him as saying.