Sensex Surges 1,223 Points, Nifty Ends Above 16,300; Asian Paints, RIL Rise Over 5%

In the broader markets, the BSE Midcap and Smallcap indices added over 2 per cent each. Overall, over 2,600 stocks ended in the green on the BSE as against less than 700 declining stocks

New Delhi: The key domestic benchmark indices, Sensex and Nifty, on Wednesday rallied for the second straight session as the banks, financials, and auto stocks put up a stellar show amid the ongoing tensions between Russia and Ukraine.

The 30-share BSE Sensex surged to 54,647, up 1,223 points or 2.29 per cent, while the NSE Nifty moved 331 points to 16,345, up 2.07 per cent.

The indices were primarily lifted by Asian Paints, Reliance Industries, and Bajaj Finance. Their shares zoomed between 5 per cent and 6 per cent. Barring these three, IndusInd Bank, M&M, Bajaj Finserv, Tata Motors, Adani Ports, HDFC Bank, Maruti Suzuki, Ultratech Cement, and TechM were other gainers on the bourses, up in the range of 3-4 per cent.

On the flipside, Shree Cement, ONGC, Power Grid, NTPC, Coal India, and Tata Steel declined over 1 per cent each as profit booking in commodity-linked stocks extended into second day.

In the broader markets, the BSE Midcap and Smallcap indices added over 2 per cent each. Overall, over 2,600 stocks ended in the green on the BSE as against less than 700 declining stocks.

Sectorally, the Nifty Metal index was the sole loser was a second straight day, down 0.4 per cent. Meanwhile, the gainers were the Nifty Realty and Auto indices, up 3 per cent each; the Nifty Bank, Financial Services, Private Bank, and PSB indices, up 2 per cent each; and the Nifty IT and Pharma indices, up 1 per cent.

Aviation stocks jumped as the government lifted pandemic-related curbs on international flights.

In the previous session, Sensex climbed 581 points to 53,424, while the broader NSE Nifty moved 150 points higher to close at 16,013.

Meanwhile, international oil benchmark Brent crude jumped 2.61 per cent to $131.3 a barrel.

Foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth Rs 8,142.60 crore on a net basis on Tuesday, according to exchange data.

"Market may remain volatile due to the Russia-Ukraine crisis. Trend in global equities, movement of rupee against the dollar and crude oil prices will dictate trend in the near-term," according to Mitul Shah, Head of Research at Reliance Securities.

V K Vijayakumar, chief investment strategist, Geojit Financial Services said, "Negative sentiments in global stock markets persist. As long as the war lingers and crude remains at high levels a sustained rally is unlikely."