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Benchmark indices ended higher for the second consecutive session with Nifty closing above 16,250. Markets witnessed a sharp relief rally as the recent slump had put key indices in an oversold territory. Traders covered their short positions in several beaten-down stocks that propelled key benchmarks today. However, the rally could be short-lived as the unabated FII selling coupled with concerns of further rate hikes to tame inflation may fuel volatility.

The 30-share benchmark index ended at 54318.47 up by 1344.63 points or by 2.54 % and then NSE Nifty was at 16259.3 up by 417 points or by 2.63 %.

Sensex touched intraday high of 54399.42 and intraday low of 53176.02 The NSE Nifty touched intraday high of 16284.25 and intraday low of 15900.8

The top gainers of the BSE Sensex pack were Tata Steel Ltd. (Rs. 1188.35,+7.62%), Reliance Industries Ltd. (Rs. 2530.70,+4.26%), ITC Ltd. (Rs. 264.60,+4.15%), ICICI Bank Ltd. (Rs. 710.35,+3.97%), Wipro Ltd. (Rs. 486.80,+3.97%), among others.

The top losers of the BSE Sensex pack were among others. Metal index was at 19437.24 up by 1376.19 points or by 7.62%. Vedanta Ltd. (Rs. 321.15,+11.84%), Hindalco Industries Ltd. (Rs. 428.50,+9.52%), Tata Steel Ltd. (Rs. 1188.35,+7.62%), Coal India Ltd. (Rs. 184.60,+7.54%), JSW Steel Ltd. (Rs. 642.00,+6.70%),.

HCS index was at 22650.2 down by 296.03 points or by 1.32%. Aurobindo Pharma Ltd. (Rs. 536.05,-2.67%), Fermenta Biotech Ltd. (Rs. 197.50,-2.11%), Dr. Lal Pathlabs Ltd. (Rs. 2185.15,-0.97%), J B Chemicals & Pharmaceuticals Ltd. (Rs. 1606.55,-0.86%), Metropolis Healthcare Ltd. (Rs. 1934.30,-0.71%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 3726 , shares advanced were 2766 while 808 shares declined and 152 were unchanged.