Mumbai: There was a strong rally in the stock markets on Wednesday and the BSE Sensex climbed over 1,000 points to cross the 56,000 level again. Markets turned on the back of buying in IT, bank and financial stocks amid hopes of a fruitful outcome of talks between Russia and Ukraine. According to traders, a firming global trend also supported the domestic market.
The 30-share BSE Sensex closed at 56,816.65, up 1,039.80 points, or 1.86 per cent. The National Stock Exchange’s Nifty also gained 312.35 points, or 1.87 percent, to close at 16,975.35. UltraTech Cement was the top gainer with a gain of nearly five per cent in Sensex shares. Apart from this, Axis Bank, IndusInd Bank, HDFC, Bajaj Finserv, Infosys and Bajaj Finance also gained.
On the other hand, Sun Pharma and Power Grid remained in the red. In other Asian markets, Japan’s Nikkei, South Korea’s Kospi, Hong Kong’s Hang Seng and China’s Shanghai Composite were among the gainers. In the major markets of Europe, there was a bullish trend in the afternoon trading. Meanwhile, Ukraine has said that there is scope for an agreement in talks with Russia. However, Russian troops intensified attacks on the city of Kyiv.
Ukrainian President Volodymyr Zelensky said on Wednesday that Russia’s demands were becoming “relatively more genuine”. There is a possibility of talks between the two countries again on Wednesday. On the other hand, Brent crude, the standard crude oil in the international market, rose by 2.94 percent to $ 102.84 per barrel. According to stock market data, Foreign Institutional Investors (FIIs) have remained net sellers in the capital market. He sold shares worth Rs 1,249.74 crore on Tuesday.