Sensex, Nifty continue to rally supported by gains in IT, Reliance stocks; crude at $131 per barrel

Equity benchmarks Sensex and Nifty opened on a positive note on Wednesday, carrying forward the recovery in the previous trade, supported by gains in index heavyweights IT and Reliance Industries stocks.

The 30-share BSE Sensex opened in the green and further jumped 444.51 points or 0.83 per cent to 53,868.60. Similarly, the NSE Nifty climbed 117.10 points or 0.73 per cent to 16,130.55.

From the 30-share pack, Tech Mahindra, Reliance Industries Limited, Sun Pharma, Infosys and Dr Reddy’s were the major gainers. 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 settled 581.34 points or 1.10 per cent higher at 53,424.09, overcoming bouts of volatility during the trade. On similar lines, the broader NSE Nifty darted up 150.30 points or 0.95 per cent to 16,013.45 on Tuesday.

Bourses 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 the negative territory on Tuesday.

Meanwhile, international oil benchmark Brent crude jumped 2.61 per cent to USD 131.3 a barrel.

Foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth Rs 8,142.60 crore on a net basis on Tuesday, according to exchange data.

“Market may remain volatile due to the Russia-Ukraine crisis. Trend in global equities, movement of rupee against the dollar and crude oil prices will dictate trend in the near-term,” according to Mitul Shah, Head of Research at Reliance Securities.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “Negative sentiments in global stock markets persist. As long as the war lingers and crude remains at high levels a sustained rally is unlikely.”

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