Sensex jumps over 800 points in early trade; Nifty tests 16,900

International oil benchmark Brent crude surged 1.38% to $101.29 per barrel

Equity benchmark Sensex surged over 800 points in opening trade on March 16 as hopes of a resolution in Russia-Ukraine talks boosted market sentiment amid a positive trend in global markets.

The 30-share Sensex was trading 808.69 points or 1.45% higher at 56,585.54, and the broader Nifty advanced 233.20 points or 1.4% to 16,896.20.

HDFC was the top gainer in the Sensex pack, climbing 3.35%, followed by Axis Bank, IndusInd Bank, Bajaj Finserv, HDFC Bank, ICICI Bank and Bajaj Finance.

On the other hand, Sun Pharma was the only loser in the lot, shedding 0.41%.

In the previous session, the index tanked 709.17 points or 1.26% to finish at 55,776.85. Similarly, the NSE Nifty fell 208.30 points or 1.23% to 16,663.

Meanwhile, Ukraine said there is a possible room for compromise in talks with Russia. After officials from Ukraine and Russia held a meeting on March 15 via video conferencing, Ukrainian President Volodymyr Zelensky on March 16 said Russia's demands were becoming more realistic.

Both the countries are likely to hold talks again on March 16.