Global stock markets, including those of India, were trading higher as another round of peace talks between Russia and Ukraine began amid signs of a peace deal. Easing crude oil prices also helped indices rise.
Indian stock indices – Sensex and Nifty50 – rebounded for the second consecutive session on Tuesday after gains in the HDFC twins, Bharti Airtel and Infosys.
The BSE Sensex stock, which includes 30 shares, jumped 350.16 points, or 0.61 percent, to settle at 5,7943.65, with 20 of its components closing higher.
During the day, the index rose 408.04 points, or 0.70 percent, to 5,8001.53 points. The broader NSE Nifty50 index rose 103.30 points, or 0.60 percent, to settle at 17,325.30 as 32 components closed in green.
“Reports of peace talks between Russia and Ukraine along with weak crude oil prices have helped the company trade in global markets,” said Vinod Nair, head of research at Geojit Financial Services.
Among Sensex stocks, HDFC was the biggest gainer on buy-in after recent losses. Housing finance increased 3.06 percent. Bharti Airtel stock surged 2.89 per cent after reports that the telecom operator may consider raising tariffs and continue the “premium” to increase its average earnings by Rs 300.
Among the top contributors to the indices, HDFC Bank rose 1.4 percent, Ultratech Cement 2.7 percent, Sun Pharma 1.62 percent, and Dr. Reddy 1.09 percent.
Also, the rupee rose by 43 baisa – its biggest one-day gain in 2022 – to close at a four-week high of 75.73 against the US currency when the dollar was sold by exporters amid hopes of a peace deal between Russia and Ukraine and lower crude. Oil prices.
On Wall Street, the S&P 500 and the Dow industrial index were up 0.8 percent in early trade. The Nasdaq rose more than 1 per cent. European markets are also trading in the green.
On the other hand, oil prices fell, extending losses from the previous day amid signs of progress in talks between Russia and Ukraine to end the weeks-long conflict, with prices under more pressure due to the new Chinese closure to limit the spread of the Corona virus. Brent crude fell by $6.51, or 5.8 percent, to $105.97 a barrel in daily trading. US West Texas Intermediate (WTI) crude fell below $100 a barrel after falling 6 percent. Both benchmarks lost about 7 percent on Monday.
“Oil prices are once again under pressure due to expectations of peace talks between Ukraine and Russia, which could lead to an easing of sanctions,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
Sanctions imposed on Russia for its invasion of Ukraine disrupted oil supplies, driving up prices.
Markets remain unstable as investors try to gauge the next step for inflation and the global economy as the fallout from Russia’s invasion of Ukraine continues, affecting the global economy.