Rally returns: Sensex and Nifty rise to two-month high as FPIs return

The equity markets started the new financial year with a bang, with the frontline indices Sensex and Nifty50 climbing 1.2 per cent to their highest levels in the past two months. Positive global cues, a retreat in oil prices, and aggressive buying by overseas investors supported stock prices, even as concerns remained around the policy tightening by the US Fed and the Russia-Ukraine war.

The Sensex rose 708.2 points, or 1.2 per cent, to end at 59,277 – the highest closing level since February 2. The Nifty50 rose 206 points, or 1.2 per cent, to end at 17,670. Both indices gained