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In the last five fiscals, there have been 1,059 delistings against 868 listings on BSE.

Shrikant Chouhan of Kotak Securities said the market was in an oversold territory and that that traders were seen covering short positions.

“The RBI’s forex reserves are around $680 billion including forwards. We think $600 billion is adequate and so RBI has $80 billion of excess reserves with which it can easily fund excess outflows of $30-50 billion due to oil price rise. Whenever we had an oil shock earlier, we did not have forex reserves and had to go to the IMF. We are in a far better situation now.”

With the recovery in equities, the market capitalisation of BSE-listed companies jumped by Rs 7,21,949.74 crore to Rs 2,48,32,780.78 crore in two days.

As global supplies were already tight, the Russian invasion led to a supply shock because Russia is the third largest producer and the second largest exporter of crude oil.

The levels of 16,435 and 16,490 are likely to act as immediate resistance points for Nifty. The supports come in at 16,280 and 16,175 levels.

​The coin advanced as much as 9.9 per cent to $42,305, on track for its biggest gain since Feb. 28, while smaller peer ether gained 7.4%, also set for its best day this month.

The lira lost around 1.3% to stand at 14.6505 against the dollar by 0844 GMT, its weakest since Dec. 20, when the government announced a plan to protect lira deposits against currency depreciation.

“We would like to bring in all financial partners who will fund BPCL privatisation and we can manage very efficiently. We will work with the existing people. We can create three times better synergy in this company but Vedanta will not be financing BPCL.”

As of 31-Dec-2021, promoters held 50.48 per cent stake in the company, while FIIs held 13.02 per cent and domestic institutional investors had 3.13 per cent.