Indian shares rise over 2%

Indian shares extended gains to a second consecutive session on Wednesday to settle over 2 per cent higher, boosted by gains in Reliance and automobile stocks, with airlines also giving a push after the government lifted pandemic-related curbs on international flights.

The blue-chip NSE Nifty 50 index (.NSEI) rose 2.07 per cent to 16,345.35 at close, with most of its major sub-indexes in the positive territory. The S&P BSE Sensex (.BSESN) climbed 2.29 per cent to 54,647.33.

"At present, we are seeing a rebound or a relief rally after a sharp decline in indexes, and as long as the Nifty 50 is trading below the 16,400 zone, it is a sell-on-rise market," said Ajit Mishra, vice president of research at Religare Broking.

The overall trend, however, is still negative due to global cues, including higher oil prices, Mishra said.

Oil-to-retail conglomerate Reliance Industries (RELI.NS), India's most valuable company, broke its four-day losing streak to close 5.3 per cent higher.

Airline operators InterGlobe Aviation (INGL.NS), after six consecutive sessions of losses, and SpiceJet (SPJT.NS) closed 6.9 per cent and 6 per cent higher, respectively. The government said it would allow scheduled commercial flight operations to international destinations from March 27.

The Nifty auto index (.NIFTYAUTO) closed 2.85 per cent higher, with Maruti Suzuki (MRTI.NS) and Mahindra and Mahindra (MAHM.NS) rising 3.2 per cent and 4.9 per cent, respectively.