By Malvika Gurung
Investing.com -- Despite negative cues from Asian markets and an overnight decline on Wall Street, amid the US banning oil imports from Russia and the UK starting to phase out the imports by the end of 2022, the domestic market appeared to pay no heed to it and surged past 2% on Wednesday, ahead of the UP state elections outcome.
At 2:38 pm on Wednesday, domestic benchmark indices Nifty 50 was trading 2.3% higher and BSE Sensex gained 1,357.9 points or 2.55%, after having corrected 20% and 23%, respectively from their record highs.
The headline indices appeared to shrug off the crude oil prices rising past $130/barrel, currently trading $129.97/barrel, as the recent market dip brought about bargain hunting in domestic stocks.
Only 4 stocks on the 30-scrip Sensex were trading in green.
Investors are closely tracking the UP state elections result and reacted positively to the LIC IPO receiving market regulator SEBI’s nod earlier in the day. However, as long as the Russia-Ukraine war persists, crude will continue to rise, pressurizing a market rally.
On Tuesday, FIIs sold net Indian equities worth Rs 8,142.6 crore, its highest single-day outflow in 7 sessions.
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