People check Sensex updates at a screen outside the Bombay Stock Exchange (BSE) building as the market goes down 1700 points on Monday, March 7, 2022, in Mumbai.
Equity benchmarks Sensex and Nifty opened on a positive note on Wednesday, extending the recovery in previous trade, supported by gains in index heavyweights IT and Reliance Industries shares.
The 30-share BSE Sensex opened in the green and opened further at 53,868.60, up 444.51 points or 0.83 per cent. Similarly, the NSE Nifty climbed 117.10 points or 0.73 per cent to end at 16,130.55.
Tech Mahindra, Reliance Industries Ltd, Sun Pharma, Infosys and Dr Reddy’s were the major gainers in the 30-share pack. In contrast, Power Grid Corporation, Tata Steel, Asian Paints and Kotak Mahindra Bank were among the laggards in early trade.
In the previous trade, the BSE benchmark index ended 581.34 points or 1.10 per cent higher at 53,424.09, overcoming bouts of volatility during trading. Similarly, the broader NSE Nifty rose 150.30 points or 0.95 per cent to 16,013.45 on Tuesday.
Borrowers in Hong Kong and Shanghai were trading lower in mid-session deals, while Tokyo was quoted in the green. Stock exchanges in the US closed in negative territory on Tuesday.
Meanwhile, international oil benchmark Brent crude jumped 2.61 per cent to USD 131.3 per barrel.
Foreign institutional investors continued their sell-off in the Indian markets on Tuesday with shares worth Rs 8,142.60 crore selling on a net basis, according to exchange data.
According to Mitul Shah, Head of Research, Reliance Securities, “The market is likely to remain volatile due to the Russia-Ukraine crisis. Trends in global equities, movement of rupee against dollar and crude oil prices will dictate the trend in the near term.” “
VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “Negative sentiments persist in global equity markets. As long as wars and crude oil remain at higher levels, a sustained rally is unlikely.”