The BSE meter Sensex made a strong recovery above 300 points to revisit the 57,600 level as it opens deals on Wednesday, prompted by stable Asian stock markets, despite lingering geopolitical concerns in Eastern Europe. Analysts believe global markets have regrouped in hopes that Western sanctions against Russia following Russian troop movements near Ukraine could soften Moscow’s rebellious tone and leave some room to prevent a war.
The Sensex traded 342.41 points or 0.60 percent higher at 57,643.09; and the Nifty rose 105 points or 0.61 percent to 17,197.20. Except for L&T, Nestle and HUL, all Sensex stocks rose.
Elsewhere in Asia, exchanges have mostly traded at a profit, in hopes that war in Ukraine can be avoided after the US, Japan and European powers imposed sanctions on Russia. Stocks closed lower on Wall Street on Tuesday after Russia sent troops into Ukraine’s eastern regions, escalating tensions.
Russian President Vladimir Putin recognized the independence of the rebel-held regions of Ukraine, raising fears of an imminent large-scale invasion. US Secretary of State Tony Blinken canceled his planned meeting with his Russian counterpart Sergei Lavrov later this week in protest at what he said marked the start of Russia’s invasion of Ukraine.
Brent oil futures stood at $96.74 a barrel after easing Tuesday’s high of $99.50. Foreign institutional investors continued their selloff in Indian markets as they sold shares worth Rs 3,245.52 crore on a net basis on Tuesday, according to exchange data.
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