Bulls Charge: Sensex Rallies 1,223 Pts As Investors Buy Lows, RIL Surges 5.5%

By Malvika Gurung

Investing.com -- Indian equity benchmark indices ended sharply higher on Wednesday, extending yesterday’s gains, as investors continued picking stocks already corrected in the recent market dips.

Investors on Dalal Street appeared to shrug off the impact of rising crude oil prices as the US banned oil imports from Russia and the UK to phase out imports by the end of 2022, and the headline benchmark gauges Nifty 50 and BSE Sensex gained up to 3% in the late market session.

Indices Nifty 50 ended 2.07% higher and Sensex gained 1,223 points or 2.29% on Wednesday, with support lent by strong buying across the financial, IT and oil & gas sectors, while metal sectors lowered the sentiment.

Investors look forward to the UP state elections result due tomorrow and are closely tracking a spike in commodity prices and the developments of the Russia-Ukraine war.

“In the near term, the domestic market will trade as per the positive or negative surprise in the state election results and global trend”, stated Vinod Nair from Geojit Financial Services.

On the sectoral indices side, all sectors except Nifty Metal ended higher, led by Nifty Media , up 4.05% and Nifty Realty . Nifty Bank gained 2%.

On the Nifty50 index, 80% of stocks ended higher, led by Asian Paints (NS: ASPN ), Reliance Industries (NS: RELI ) and Bajaj Finance (NS: BJFN ), surging 5.2-6.2%, while Shree Cement and ONGC (NS: ONGC ) slumped the most.

Broader market indices mirrored their headline peers, with the NIFTY Midcap 100 ending 2.16% higher and NIFTY Smallcap 100 gaining 2.4%.