Sensex gains 1,000 points, Nifty nears 16,650 as five state election result rolls out

The Sensex gained 2%, or 1,091.59 points, to 55,738.92, while the Nifty 50 gained 1.81 per cent, or 295.50 points, to 16,640.85, on the election result day.  

The stock market rose sharply on Thursday, as assembly election results in five states, including Uttar Pradesh, are expected to be announced today. The Sensex gained 2%, or 1,091.59 points, to 55,738.92, while the Nifty 50 gained 1.81 per cent, or 295.50 points, to 16,640.85. The Sensex's toppers were Asian Paints, Axis Bank, SBI, HUL, Maruti, and Ultractech Cement, which were up to 5% higher. Tata Motors was Nifty's biggest gainer.

On Wednesday, the stock market closed more than 2% higher, supported by gains in Reliance and car companies, with airlines also benefiting from the government's lifting of pandemic-related restrictions on overseas flights. The blue-chip NSE Nifty 50 index increased 2.07% to 16,345.35 at the closing, with the majority of its key sub-indices in the green. The S&P BSE Sensex rose 2.29 percent to 54,647.33.

Oil prices fell 11% on Wednesday following a sharp surge due to the United States' embargo on Russian oil imports due to Moscow's invasion of Ukraine. Indian markets rose for the second day in a row on Wednesday, with buying seen in all sectors except metals. The markets are likely to extend their previous session's gains today, thanks to a gap-up opening and solid global signals.