Sensex rises over 1200 points, Nifty closes at 16,345
India Today
Key stock indices Sensex and Nifty surged by more than 2 per cent on Wednesday as investors looked at diplomatic efforts to end Russia's attack on Ukraine.
The Sensex and Nifty extended gains to a second consecutive session on Wednesday to settle over 2 per cent higher, boosted by gains in Reliance and automobile stocks, with airlines also giving a push after the government lifted pandemic-related curbs on international flights.
The blue-chip NSE Nifty 50 index rose 2.07 per cent or 331.90 points to 16,345.35 at close, with most of its major sub-indexes in the positive territory. The S&P BSE Sensex climbed 2.29 per cent or 1,223.24 points to 54,647.33.
"At present, we are seeing a rebound or a relief rally after a sharp decline in indexes, and as long as the Nifty 50 is trading below the 16,400 zone, it is a sell-on-rise market," said Ajit Mishra, vice president of research at Religare Broking.
The overall trend, however, is still negative due to global cues, including higher oil prices, Mishra said.
Oil-to-retail conglomerate Reliance Industries, India's most valuable company, broke its four-day losing streak to close 5.3 per cent higher.
Airline operators InterGlobe Aviation, after six consecutive sessions of losses, and SpiceJet closed 6.9 per cent and 6 per cent higher, respectively. The government said it would allow scheduled commercial flight operations to international destinations from March 27.
The Nifty auto index closed 2.85 per cent higher, with Maruti Suzuki and Mahindra and Mahindra rising 3.2 per cent and 4.9 per cent, respectively.
