Sensex and Nifty extend relief rally, jump over 2% amid bargain buying

Many fear that the high commodity prices would lead to further pressure on inflation and boost prospects of stagflation

Indian equities extended their relief rally to the second day on Wednesday as investors felt that the economic impact of the Russia-Ukraine war had been priced in and looked for bargain buying with several stocks available at multi-month lows.

The Sensex rose 1,223 points, or 2.3 per cent, to end the session at 54,647, while the Nifty closed at 16,345, gaining 332 points, or 2.07 per cent. On Monday, both the indices had dropped to their lowest levels in more than seven months as Brent crude hit a 14-year high of nearly $140 a barrel and prices of other commodities also