The BSE gauge Sensex staged a bold recovery of over 300 points to revisit the 57,600-level in opening deals on Wednesday, prompted by steady Asian bourses, despite lingering geopolitical worries in eastern Europe. Analysts believe that global markets regrouped, hoping that Western sanctions on Russia after Russian troop movements near Ukraine might soften Moscow’s defiant tone and leave some room to avoid a war.
The Sensex was trading 342.41 points or 0.60 per cent higher at 57,643.09; and the Nifty was up 105 points or 0.61 per cent at 17,197.20. Barring L&T, Nestle and HUL, all Sensex shares climbed.
Elsewhere in Asia, bourses were mostly trading with gains, hoping that war in Ukraine can be avoided after US, Japan and European powers imposed sanctions on Russia. Stocks closed lower on Wall Street on Tuesday, after Russia sent forces into Ukraine’s eastern regions, escalating tensions.
Russian President Vladimir Putin recognised the independence of rebel-held regions of Ukraine, raising fears of an imminent full-scale invasion. US Secretary of State Tony Blinken on Tuesday cancelled his scheduled meeting with his Russian counterpart Sergei Lavrov later this week in protest against what he said was the beginning of Russia’s invasion of Ukraine.
Brent crude futures were at USD 96.74 a barrel, having eased off Tuesday’s top of USD 99.50. Foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth Rs 3,245.52 crore on a net basis on Tuesday, as per exchange data.