The Indian equity benchmarks rebounded strongly on Wednesday led by gains in index heavyweights like Reliance Industries, Infosys, Tata Consultancy Services, Tech Mahindra, ITC, and Bharti Airtel. The benchmarks opened lower but recovered in noon deals with the Sensex rising as much as 1,218 points from the day's lowest level and the Nifty 50 index touched an intraday high of 17,334 after hitting low of 17,006.
The Sensex jumped 697 points to close at 57,989 and Nifty 50 index climbed 198 points to settle at 17,315.
Asian shares were mostly higher Tuesday as investors eyed the war in Ukraine, inflationary risks and surging energy prices.
Benchmarks rose in morning trading in Japan, South Korea, Australia and Hong Kong, but edged lower in Shanghai.
The Russian war on Ukraine and Western sanctions on Russia are adding to worries over energy supplies for Europe, surging prices and progress toward economic recoveries from the pandemic.
Back home, ten of 15 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Oil & Gas index's 1.9 per cent gain. Nifty Private Bank, Bank, Auto, Financial Services, IT and Metal indices also rose between 1-2 per cent.
On the other hand, Nifty FMCG, Pharma, Realty, Healthcare and Consumer Durable indices ended lower.
Mid- and small-cap shares traded on a subdued note as Nifty Midcap 100 index and Nifty Smallcap 100 indexes ended with a gain of 0.3 per cent each.
ONGC and Reliance Industries were among the top Nifty gainers after crude prices in international markets soared to $119 a barrel.
Indian Oil and Bharat Petroleum added over 1.5 per cent each after the oil retailers increased petrol, diesel, and LPG prices after over four months. Petrol and diesel prices were on Tuesday hiked by 80 paise a litre each while domestic cooking gas LPG rates were increased by Rs 50 per cylinder as state oil firms ended an over four-and-half month election-related hiatus in rate revision, fanning inflation fears.
Tech Mahindra, Tata Motors, ITC, JSW Steel, Power Grid, IndusInd Bank, Bajaj Finance, Wipro, Infosys, ONGC, and Bajaj Auto were also among the gainers.
On the flipside, Hindustan Unilever, Nestle India, Britannia Industries, Cipla, Eicher Motors, Sun Pharma, NTPC, and Shree Cements were among the losers.
The overall market breadth was negative as 1,781 shares ended lower while 1,629 closed higher on the BSE.
