Indian shares rallied on Wednesday, with banks, auto and metal stocks leading the surge. Cues from global markets offered support as negotiations between Russia and Ukraine continued and China pledged support for its slowing economy.
A breather in oil price rally and gains in the rupee also lifted sentiment. Crude prices were little changed today, giving up sharp early gains after the International Energy Agency (IEA) in a monthly report cut its oil demand forecast for 2022.
The benchmark 30-share S&P BSE Sensex jumped 1,039.80 points, or 1.86 percent to 56,816.65, while the broader NSE Nifty index ended up 312.35 points, or 1.87 percent, at 16,975.35.
Shree Cement, IndusInd Bank, Bajaj Auto, Axis Bank and UltraTech Cement climbed 3-5 percent in the Nifty pack, while drug makers Cipla and Sun Pharma led losses.
The rupee gained 35 paise to close at 76.27 against the dollar, tracking buoyant domestic equities and Asian currencies ahead of the U.S. Federal Reserve interest-rate decision later in the day.
The Fed is expected to hike its benchmark rate by 25 basis points for the first time in three years to control high inflation.
Sensex Jumps 1,040 Points; Nifty Tops 16,975
2022-03-16 11:01:25
