Sensex surges over 800 points while Nifty around 16,900 in early trade

The Sensex rose more than 800 points in early trade on Wednesday, lifted by prospects of a resolution in Russia-Ukraine negotiations and a bullish trend in global markets.

The 30-share Sensex was up 808.69 points, or 1.45%, at 56,585.54, while the broader Nifty was up 233.20 points, or 1.4%, at 16,896.20.

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The Sensex’s biggest gainer was HDFC, which rose 3.35%, followed by Axis Bank, IndusInd Bank, Bajaj Finserv, HDFC Bank, ICICI Bank, and Bajaj Finance. Sun Pharma, on the other hand, was the lone loser in the group, falling 0.41%.

The index fell 709.17 points, or 1.26%, in the previous session to close at 55,776.85. Likewise, the NSE Nifty dropped 208.30 points, or 1.23%, to 16,663.

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Meanwhile, Ukraine has stated that there may be potential for compromise in negotiations with Russia. Following a video conference discussion between Ukrainian and Russian officials on Tuesday, Ukrainian President Volodymyr Zelensky stated on Wednesday that Russia’s demands were becoming more reasonable. Both countries are expected to meet again on Wednesday.

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Hong Kong, Seoul, and Tokyo bourses were trading higher, while Shanghai was trading lower in mid-session trade. In the overnight session, stock markets in the United States concluded with significant gains.

According to exchange statistics, foreign institutional investors maintained their selling binge in Indian markets on Tuesday, offloading shares worth Rs 1,249.74 crore on a net basis.

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Brent crude, the international oil benchmark, rose 1.38% to USD 101.29 per barrel. In early trade, the rupee climbs 30 paise to 76.32 against the US dollar.