Sensex rallies over 740 points; Nifty above 17,498 level

Mumbai: Benchmark equity indices Sensex and Nifty rallied for a third day in a row on Wednesday on buying in Reliance Industries, Infosys, HDFC twins and ICICI Bank following gains in global equities amid hopes of a breakthrough in Russia-Ukraine peace talks.

The 30-share BSE barometer index surged 740.34 points or 1.28 per cent to settle at 58,683.99. During the day, it jumped 784.13 points or 1.35 per cent to 58,727.78.

Similarly, the broader NSE Nifty climbed 172.95 points or 1 per cent to settle at 17,498.25.

Among the 30-share pack, Bajaj Finserv, Mahindra & Mahindra, Bajaj Finance, Power Grid, HDFC, ICICI Bank, Nestle, Maruti, Reliance Industries Limited were among the lead gainers.

On the other hand, ITC, Tata Steel, Tech Mahindra, Bharti Airtel and Titan were among the laggards.

In the previous trade, the BSE benchmark had jumped 350.16 points or 0.61 per cent to settle at 57,943.65. The NSE Nifty gained 103.30 points or 0.60 per cent to settle at 17,325.30.

Elsewhere in Asia, Seoul, Shanghai and Hong Kong settled with gains, while Tokyo ended lower. Stock exchanges in the US ended with gains on Tuesday.

Meanwhile, international oil benchmark Brent crude jumped 2.25 per cent to USD 112.7 per barrel.

Foreign portfolio investors turned buyers as they bought shares worth Rs 35.47 crore on Tuesday, according to stock exchange data.

“US equities extended gains and closed higher as Russia-Ukraine peace talks reinstated optimism among investors,” Mitul Shah, Head of Research at Reliance Securities, said.

Vinod Nair, Head of Research at Geojit Financial Services said, “High volatility prevailed in the global market, but peace talks between Russia and Ukraine gave hopes of de-escalation of the war, helping the domestic market to trade with confidence. The ease in crude oil and commodity prices supported the market as it will help corporates to reduce their margin pressure.