The Sensex and Nifty began on a bullish note on Wednesday, continuing the previous trade’s rebound, aided by advances in index heavyweights IT and Reliance Industries stocks.

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The 30-share BSE Sensex began in the green and then increased by 444.51 points, or 0.83%, to 53,868.60. Likewise, the NSE Nifty rose 117.10 points, or 0.73%, to 16,130.55.

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Tech Mahindra, Reliance Industries Limited, Sun Pharma, Infosys, and Dr Reddy were the top gainers among the 30 stocks in the pack. Power Grid Corporation, Tata Steel, Asian Paints, and Kotak Mahindra Bank, on the other hand, were among the laggards in early trade.

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The BSE benchmark index closed 581.34 points, or 1.10%, higher at 53,424.09 in the previous trading, overcoming bouts of volatility. On a similar note, the NSE Nifty rose 150.30 points, or 0.95%, to 16,013.45 on Tuesday.

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“Market may remain volatile due to the Russia-Ukraine crisis. The trend in global equities, movement of rupee against the dollar and crude oil prices will dictate the trend in the near-term,” according to Mitul Shah, Head of Research at Reliance Securities.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “Negative sentiments in global stock markets persist. As long as the war lingers and crude remains at high levels a sustained rally is unlikely.”

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Hong Kong and Shanghai bourses were trading down in mid-session trades, while Tokyo was trading higher. On Tuesday, stock markets in the United States closed in the red.

According to exchange statistics, foreign institutional investors maintained their selling binge in Indian markets on Tuesday, offloading shares worth Rs 8,142.60 crore on a net basis.

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Meanwhile, Brent crude, the worldwide oil benchmark, rose 2.61% to USD 131.3 per barrel. In early trade, the rupee climbs 21 paise to 76.79 against the US dollar.