Sensex surges 740 points on signs of de-escalation in Russia-Ukraine conflict

Mumbai (Maharashtra) : The Indian equities markets benchmark Sensex surged by 740 points on Wednesday amid signs of de-escalation in the Russia-Ukraine conflict.

The 30 stock S&P BSE Sensex soared 740.34 points or 1.28 per cent to close at 58,683.99 points against its previous day’s close at 57,943.65 points.

Tracking positive cues from the global equities markets, the Sensex started the day sharply higher at 58,362.85 points. Buying interest got stronger later in the day. The Sensex surged to a high of 58,727.78 points in the intra-day.

This is the third consecutive day of rally in the Indian equities markets. The Sensex had gained 350.16 points or 0.61 per cent on Tuesday.

The broader Nifty 50 of the National Stock Exchange surged 172.95 points or 1 per cent to 17,498.25 points against its previous day’s close at 17,325.30 points.

The Nifty had gained 103.30 points or 0.6 per cent on Tuesday.

The stocks markets have rallied across the world on signs of de-escalation in Russia-Ukraine conflict. Russia has said it will pull back troops from Kyiv and other northern areas of Ukraine.

There was strong buying support for banking and financial stocks. Bajaj Finserv surged 3.82 per cent to Rs 17127.50. Bajaj Finance soared 3.09 per cent to Rs 7254.

HDFC soared 2.08 per cent to Rs 2385.90. ICICI Bank rallied 2.07 per cent to Rs 730.05. Kotak Bank rose 1.81 per cent to Rs 1762 and Axis Bank closed 1.72 per cent higher at Rs 750.20.

The index heavyweight Reliance Industries jumped 1.94 per cent to Rs 2673.

Mahindra & Mahindra rose 2.81 per cent to Rs 794.95. Power Grid Corporation 2.60 per cent higher at Rs 216.70; Nestle India 2.20 per cent higher at Rs 17295.55 and Maruti Suzuki 2.18 per cent higher at Rs 7600.35 were among the major Sensex gainers.

Only nine of the 30 scrips that are part of the Sensex closed in the red. ITC fell 2.16 per cent to Rs 249.15. Tata Steel slipped 1.98 per cent to Rs 1307.95. Tech Mahindra, Bharti Airtel, Titan, and IndusInd Bank were among the major Sensex losers.