Indian shares recovered from an early slide to end sharply higher on Tuesday, as investors appeared to take in stride Federal Reserve Chair Jerome Powell’s comments that the U.S. central bank was prepared to raise rates aggressively, if needed.
Sentiment was also underpinned after reports emerged that Ukrainian President Volodymyr Zelensky was prepared to discuss a commitment from Ukraine not to seek NATO membership in exchange for a ceasefire, the withdrawal of Russian troops and a guarantee of Ukraine’s security.
The benchmark S&P BSE Sensex climbed 696.81 points, or 1.22 percent, to settle at 57,989.30 while the broader NSE Nifty index closed at 17,315.50, up 197.90 points, or 1.16 percent, from its previous close.
IT stocks led advances, with Tech Mahindra rising as much as 4.2 percent after Accenture reported strong earnings and increased revenue growth guidance.
State-run oil marketing firm BPCL gained 3 percent after fuel prices were hiked in their first revision since December.
Bajaj FinServ, Reliance Industries and Tata Motors rallied 2-3 percent while Cipla, Britannia Industries, Nestle India and Hindustan Unilever fell 2-3 percent.
Sensex, Nifty See Late Surge
2022-03-22 10:52:48
