Equity benchmark Sensex climbed over 1,000 points on Wednesday to regain the 56,000-mark on the back of intense buying in IT, banking and financial stocks amid escalating hopes of a breakthrough in Russia-Ukraine negotiations. Strong global cues also boosted the domestic indices, reported PTI citing traders.

The BSE Sensex surged 1,039.80 points or 1.86% to close at 56,816.65. Similarly, the NSE Nifty jumped 312.35 points or 1.87% to settle at 16,975.35.

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All the sectoral indices settled higher with IT, energy, auto, bank, metal and realty indices rose 2-3%, while capital goods, FMCG, and power indices surged up 1% each. BSE midcap and smallcap indices gained over 1% each.

Top gainers in the Sensex pack were Ultratech Cement up by 4.69%, Axis Bank up by 3.65%, IndusInd Bank up by 3.60%, HDFC up by 2.92%, Bajaj Finserv up by 2.60%, Infosys up by 2.69% and Bajaj Finance up by 2.63%.

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On the other hand, among the laggards were Sun Pharma and PowerGrid Corp losing 0.35% and 0.07% respectively.

Asian market bourses in Tokyo, Seoul, Hong Kong and Shanghai also closed with healthy gains.

European stock exchanges were also trading significantly higher in afternoon deals.

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Ukraine has said that there is a possibility for compromise in negotiations with Russia, even as the Russian forces intensified their bombardment of Kyiv.

On Wednesday, Ukrainian President Volodymyr Zelensky said that Russia has become more realistic with its demands. Both the countries are expected to hold talks again on Wednesday.

Meanwhile, international oil benchmark Brent crude jumped 2.94% to $102.85 per barrel.

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According to the stock exchange data, foreign institutional investors (FIIs) remained net sellers in the capital markets as they offloaded shares worth Rs 1,249.74 crore on Tuesday.

The rupee rallied by 42 paise to a nearly two-week high of 76.20 against the US dollar on Wednesday.