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Asian Paints, Axis Bank, SBI, HUL, Maruti, UltraTech Cement were among the top gainers in the Sensex, rising up to 5 per cent. Tata Motors was the top gainer on Nifty. Crude oil prices on Wednesday rose from a high of $130 to $110 a barrel, with Asian Paints registering the biggest gain in the stock markets.
On the other hand, a fall in commodity prices from recent highs, including metals like aluminium, nickel, led to the fall in metal stocks. Tata Steel was the only Sensex loser, falling 0.4 per cent, while ONGC, Hindalco and Coal India were the top losers in the Nifty, falling up to 4 per cent.
The broader markets also extended profits, in line with the rise in benchmark indices. BSE Midcap and Smallcap indices rose up to 2 per cent. Among sectors, Nifty Bank, Auto, FMCG, Financial and Realty were the major gainers, trading with gains of 2-3 per cent. Nifty Metal lost only 0.8 per cent.
Tire companies saw a rise in shares due to softening of crude oil prices. Apollo Tyres, JK Tyres, Birla Tyres, Balkrishna Industries, CEAT and MRF were trading with a gain of 1-4 per cent.
Major benchmark indices will keep a keen eye on the state election results of Uttar Pradesh, Punjab, Goa, Mizoram and Uttarakhand. Investors may react positively to the results if they come in line with exit polls that predicted the ruling BJP to win in the key state of UP.
Markets have posted sharp gains in the past two sessions as talks of de-escalation of the Russia-Ukraine war. Ukraine’s leadership has said it no longer wants to ally with NATO, while Russia has said it does not want to topple the government in Ukraine. The foreign ministers of both the countries are going to meet today.
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