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Sensex jumps 350 pts, Nifty tests 16,100; IndiGo, SpiceJet gain;

OIL SHOOTS UP TO A RECORD HIGH

LIC, NSE  IPOs dragged

Gold near 19-month high as ban on Russian oil drives flight to safety

Reliance gains in early trade

Sensex, Nifty opened higher on Wednesday

Benchmark Indian equity indices saw a positive start on Wednesday. BSE Sensex opened at 53,793.99, while Nifty50 began at 16,078.

Indian indices witnessed a positive start on Wednesday. The indices have been hit by volatility in the last few sessions as new developments emerge around the Ukraine crisis. On Tuesday, US President Joe Biden announced a ban on Russian oil import, which is likely to have an impact on the markets today. The global market has struggled in the past few days as high crude prices and fears of inflation have kept the investors on the edge. The US market saw cuts in Dow Jones, S&P 500, and Nasdaq in Tuesday’s session.  In Asia, Wednesday’s early session witnessed gains made by stocks in Japan, Australia, Hong Kong, and Shanghai, among the major markets.

Gold near 19-month high as a ban on Russian oil drives flight to safety

Gold held near a 19-month high following a ban on Russian oil imports, as mounting concerns over inflation and economic growth boost demand for the haven asset.

Bullion has gained 12% in 2022 and is closing in on a record as investors seek a store of value amid the threat of an inflationary shock to the global economy. Holdings in gold-backed exchange-traded funds have climbed to the highest since March 2021, with inflows of about 152 tons this year, according to initial data compiled by Bloomberg.

Spot gold dropped 0.2% to $2,047.05 an ounce at 10:24 a.m. in Singapore. Prices touched $2,070.44 on Tuesday, just $5 short of an all-time high reached in August 2020.

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