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The frontrunners on the Sensex included Asian Paints, Axis Bank, SBI, HUL, Maruti, Ultractech Cement, up 5 percent. Tata Motors was the top winner at Nifty. Asian Paints posted the largest gains in the exchanges as crude oil prices corrected sharply to $110 a barrel on Wednesday from the high of $130.
On the other hand, metals stocks have been subdued as commodity prices, including those of metals such as aluminum and nickel, have also fallen from their recent highs. Tata Steel was the only Sensex loser, down 0.4 percent, while ONGC, Hindalco and Coal India were the biggest losers, down 4 percent.
In line with the upward movement in benchmark indices, the broader markets also expanded gains. The BSE MidCap and SmallCap indices rose to 2 percent. Among sectors, Nifty Bank, Auto, FMCG, Financials and Realty were the biggest winners, with gains of 2-3 percent. Nifty Metal only lost 0.8 percent.
Among the equities, tire players took off on the decline in crude oil prices. Apollo Tyres, JK Tyres, Birla Tires, Balkrishna Ind, CEAT and MRF were up 1-4 percent.
The main benchmark indices will closely monitor the state election results of Uttar Pradesh, Punjab, Goa, Mizoram and Uttarakhand. Investors can react positively to the results if they are in line with exit polls that predicted the ruling BJP would win in the key state UP.
Markets have made strong gains in the past two sessions as talks emerged about the de-escalation of the war between Russia and Ukraine. Ukraine’s leadership has said it will no longer join NATO, while Russia has said it has no intention of overthrowing the government in Ukraine. The foreign ministers of the two countries are meeting today.
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