Sensex Rallies 1,223 Points, Nifty Settles Near 16,350; Asian Paints, Reliance Industries Top Gainers



Mid- and small-cap shares finished on a strong note.

New Delhi: The Indian equity benchmarks surged for the second straight session on Wednesday led by strong buying interest in financial and automobile stocks. The 30-share BSE Sensex zoomed 1,223 points or 2.29 per cent to settle at 54,647, while the broader NSE Nifty moved 332 points or 2.07 per cent higher to close at 16,345.

Mid- and small-cap shares finished on a strong note as Nifty Midcap 100 index jumped 2.16 per cent and small-cap shares moved 2.38 per cent higher.

Also, aviation stocks rose after the Centre lifted pandemic-related restrictions on international flights.

14 out of the 15 sector gauges — compiled by the National Stock Exchange — settled in green. Nifty Financial Services and Nifty Auto outperformed the index by rising as much as 2.85 per cent and 2.04 per cent, respectively. Nifty Media also jumped as much as 4.05 per cent. However, Nifty Metal slipped 0.34 per cent.

On the stock-specific front, Asian Paints was the top Nifty gainer as the stock surged 6.12 per cent to Rs 2,890. Reliance Industries, Bajaj Finance, IndusInd Bank and M&M are also among the gainers.

The overall market breadth stood positive as 2,655 shares advanced while 686 declined on BSE.

On the 30-share BSE index, Asian Paints, RIL, Bajaj Finance, M&M, IndusInd Bank, Bajaj Finserv and Maruti Suzuki India are among the top gainers.

In contrast, PowerGrid, NTPC, Tata Steel and Nestle India settled in the red.

Broader Asian stocks struggled for footing as investors assessed the impact of a worsening conflict in Ukraine and a U.S. ban on Russian oil.