The Sensex and Nifty began on a shaky note on Wednesday, reflecting losses in index heavyweights Reliance Industries, SBI, and ICICI Bank. Building on Tuesday’s strong bounce, the 30-share Sensex gained nearly 300 points in the early session before losing momentum and falling into the red.

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The benchmark was last quoted at 58,124.02, down 18.03 points or 0.03% from its previous close. At 17,350.40, the NSE Nifty was down 2.05 points, or 0.01%.

Tata Steel was the biggest loss in the Sensex pack, down 1.45%, followed by L&T, ICICI Bank, SBI, and UltraTech. M&M, HDFC, Dr Reddy’s, PowerGrid, and Kotak Bank, on the other side, were among the gainers.

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“US stocks ended sharply higher Tuesday, with all three major benchmarks snapping a three-day losing streak. Stocks rose as investors read recent developments in western Russia as an indication of de-escalation in animosities, even as US President Joe Biden cautioned that an attack by Russia of Ukraine was still seen as imminent,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

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On Tuesday, the Sensex rose 1,736.21 points, or 3.08%, to 58,142.05. This was the largest one-day increase since February 1, 2021. Similarly, the NSE Nifty rose 509.65 points, or 3.03%, to 17,352.45.

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In other Asian markets, bourses were trading higher in the afternoon on Wednesday, as worries of a Russian invasion of Ukraine, this week dimmed.

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According to stock exchange statistics, foreign institutional investors (FIIs) were net sellers in the capital market on Tuesday, offloading shares worth Rs 2,298.76 crore.

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Brent Futures, the global crude oil benchmark, lost 0.19% to USD 93.06 a barrel. In early trade, the rupee rises 18 paise to 75.14 against the US dollar.