Markets rally 1.2% as hopes rose for a negotiated end to the Russia-Ukraine conflict

Domestic stock markets on Wednesday rose by 1.2 per cent as hopes rose for a negotiated end to the Russia-Ukraine conflict. The Sensex gained 740 points to 58,683.99 and the Nifty50 shot up 173 points to 17,498.25.

However, the rupee declined 21 paise to 75.94 against the US dollar as surging crude oil prices and fuel rate hikes by oil marketing companies fanned fears of inflation and rate hikes. However, a strong rally in the equity market cut the losses. While Asian markets gained, European shares fell as bond markets suggested pain ahead for the US economy.