Sensex Soars 740 Points, Nifty Settles At 17,498 On Russia-Ukraine Peace Talks

HDFC twins, Reliance Industries, ICICI Bank, Bajaj Finance, and Kotak Bank lifted the benchmark S&P BSE Sensex 740 points higher to end at 58,684

In the broader markets, the BSE Midcap index added 0.7 per cent, while the BSE Smallcap index gained 1 per cent. Image: Getty

New Delhi: The key equity benchmarks, Sensex and Nifty, on Wednesday rallied for the third session in a row as investor sentiments’ got a boost due to de-escalation talks between Russia and Ukraine.

The 30-share Sensex platform jumped 740 points (1.28 per cent) to close at 58,684, while the broader NSE Nifty moved 173 points (1 per cent) higher to end at 17,498.

Reliance Industries, HDFC twins, ICICI Bank, Bajaj Finance, and Kotak Bank lifted the benchmark S&P BSE Sensex 740 points higher to end at 58,684. The 50-pack index was additionally supported by Bajaj Finserv, Hero MotoCorp, Grasim, Tata Consumer, M&M, and Axis Bank.

However, losses in ITC, Tata Steel, ONGC, Hindalco, JSW Steel, Tech M, Coal India, and IOC kept gains in check.

In the broader markets, the BSE Midcap index added 0.7 per cent, while the BSE Smallcap index gained 1 per cent.

11 out of the 15 sector gauges, compiled by the National Stock Exchange, ended in the green. Nifty Financial Services and Nifty Bank outperformed the index by rising as much as 1.96 per cent and 1.36 per cent, respectively.

The Nifty Metal index took the hardest knock, sliding over 2 per cent on the NSE. The Nifty Auto indices also added over 1 per cent each.

In the previous trade, the BSE benchmark had jumped 350.16 points to settle at 57,943.65. The NSE Nifty gained 103.30 points 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 $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, told the PTI.

Vinod Nair, head of research at Geojit Financial Services told the PTI, "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."