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“Our projections saw inflation coming down since our inflation is not really correlated with the US and momentum was seen as decreasing. But now because of the Ukraine issue and the oil price hikes, we have to see how persistent this is. Next month will be critical before the meeting in April. It will give us a sense of how long this issue is going to persist and how these sanctions on Russia will pan out and how they will affect the oil market.”

The Nifty Auto index closed 2.85 per cent up at 9832.35.

The rupee quoted 76.56 at 1530 hrs, registering a rise of 44 paise over its previous close.

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.