Stock Market Update: Sensex Gains 800 Points, Nifty Above 16,900. HDFC Twins, Axis Bank Top Gainers

The recovery on Wednesday’s trading session comes on the back of positive global sentiment as US stocks rose overnight and Asian shares also showed positive streaks recovering from two-day losses.

By : ABP News Bureau | Updated at : 16 Mar 2022 10:24 AM (IST)

Stock Market Update: Sensex Gains 800 Points, Nifty Above 16,900. HDFC Twins, Axis Bank Top Gainers Stock Market Update: Sensex Gains 800 Points, Nifty Above 16,900. HDFC Twins, Axis Bank Top Gainers

Bombay Stock Exchange (Getty Image)

New Delhi: The markets on Wednesday opened higher and recovered from previous session's losses as the Sensex jumped 800 points to 56,575, while the Nifty witnessed 230 points rally to 16,893 levels.

The recovery on Wednesday’s trading session comes in the wake of positive global sentiment as US stocks rose strongly overnight and Asian shares were also seen showcasing recovery from their two-day losses, as per Reuters.

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On Tuesday, Sensex closed 709 points or 1.26 per cent lower at 55,776 while the NSE Nifty 50 index tanked 208 points or 1.23 per cent to end the day at 16,663.

HDFC, IndusInd Bank, Axis Bank, Maruti, ICICI Bank, Bajaj twins, HDFC Bank, M&M, Asian Paints and Wipro were among the top performers in Sensex trading up to 3.5 per cent higher.

The worst performing stocks on the bourses include Cipla, ONGC, and Sun Pharma.

Meanwhile Asian share markets also gained amid investors' tracking volatile oil prices, Ukraine-Russia peace talks and the US Federal Reserve crucial meet expected to raise rates for the first time in three years.

Brent futures plummeted 6.5 per cent to settle at $99.91 a barrel, while US West Texas Intermediate (WTI) crude fell 6.4 per cent to settle at $96.44 a barrel. Both contracts settled below $100 per barrel for the first time since late February.

The Hang Seng was last up 1.7 per cent after opening 3.6 per cent higher, while the CSI300 was down 0.6 per cent from a rise of nearly 1.9 per cent earlier.

Ukrainian President Volodymyr Zelenskiy said on Wednesday that peace talks were sounding more realistic but more time was needed, even as Russian air strikes continued and the refugee tally from Moscow's invasion reached 3 million, according to Reuters.