The 30-share BSE benchmark index was trading 141.62 points higher at 59,983.83 in early deals. Soon, it jumped to 60,008.11 points, higher by 165.9 points.
The broader NSE Nifty climbed 48.25 points to 17,873.50 points.

From the Sensex pack, NTPC, Hindustan Unilever, Bajaj Finance, Asian Paints, UltraTech Cement, Reliance Industries and Bajaj Finserv were the biggest gainers.
at 60,149 points, up 0.5 per cent from Tuesday’s closing. Sensex last touched 60,000 mark in early April.
The latest bull run in Indian stocks has been continuing for the past five weeks on a trot.

Till early July, Foreign Portfolio Investors (FPIs) were consistently selling equities in the Indian markets for the past nine-to-ten months due to various reasons, including tightening of monetary policy in advanced economies, rising demand for the dollar and high returns from US bonds. They have pulled out Rs 202,250 crore so far in 2022, NSDL data showed.

Sensex

In July, they were, however, the net buyer with a total purchase of equities worth Rs 4,989 crore. So far in August, they bought equities worth another Rs 22,453 crore, data showed.

“Declining US inflation, confidence that the Fed need not have to aggressively raise rates and the increasing probability of a soft landing of the US economy are supporting this rally. In India, steadily declining inflation, strong growth momentum in the economy and FIIs turning consistent buyers are driving the rally,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Meanwhile, benchmark indices – Sensex and Nifty – rose nearly 10-11 per cent during the ongoing rally on a cumulative basis, thereby recovering largely the entire losses they witnessed so far in 2022.

Notably, the ongoing rally has made Indian stocks investors richer by around Rs 25 trillion. The all-India market capitalization rose from Rs 25,319,892 crore on July 11 to Rs 27,792,290 till last updated on Tuesday

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“The Quad is, with the possible exception of India being somewhat shaky on some of this, but Japan has been extremely strong — so has Australia — in terms of dealing with Putin’s aggression.”

Biden said that Putin was “counting on being able to split NATO” and instead, “NATO has never been stronger, more united, in its entire history than it is today.”
meanwhile Ukraine President Volodymyr Zelenskiy said it would not be possible to negotiate an end to the war in his country without a meeting with Russian counterpart Vladimir Putin, media reported on Monday. “I believe that until such time as we have a meeting with the president of the Russian Federation…you cannot truly understand what they are prepared to do in order to stop the war and what they are prepared to do if we are not ready for this or that compromise,” Zelenskiy said in an interview cited by Interfax Ukraine. Russia’s assault on Ukraine has killed thousands and driven almost a quarter of its 44 million people from their homes. Germany predicts the refugee number could reach as high as 10 million in coming weeks.

Indian oil refiners have reportedly continued to purchase discounted Russian oil, even as the West seeks to isolate Moscow.

An Indian government official said last week that the world’s third-biggest consumer of crude relies on imports for almost 85 percent of its needs, with Russia supplying a “marginal” less than one percent of this.

But “the jump in oil prices after the Ukraine conflict has now added to our challenges… India has to keep focusing on competitive energy sources,” the official added.

New Delhi, which historically has had close ties with Moscow, called for an end to the violence in Ukraine but has stopped short of condemning Russia’s invasion, abstaining in three votes at the United Nations.
The Ukraine government accused Russian troops of kidnapping three Israelis in the southeastern town of Melitopol, which they have occupied.

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