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Sensex, Nifty Rally After Oil Price Crash

Indian shares rose sharply on Wednesday and the rupee held steady in the afternoon after oil prices crashed more than 8 percent overnight, helping ease investor worries surrounding high inflation and interest-rate hikes.

Global cues were mixed, with Asian markets closing mostly lower on recession worries, while European stocks rebounded after an end to strike by Norwegian oil and gas workers eased worries of energy supply crunch.

U.S. stock futures slipped ahead of the release of minutes from the latest Fed meeting later in the day.

Closer home, the benchmark S&P BSE Sensex surged 616.62 points, or 1.16 percent to 53,750.97 while the broader NSE Nifty index settled up 178.95 points, or 1.13 percent, at 15,989.80.

Bajaj Finance soared 4.8 percent to top the gainers list after giving healthy Q1FY23 update. Bajaj FinServ, Britannia Industries, Hindustan Unilever and Eicher Motor rallied 3-4 percent.

ONGC led losses to close 4.8 percent lower as crude prices steadied near $100 a barrel in European trade.

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