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India's key equity indices settled sharply higher on Wednesday.

"D-Street Bulls finally held the upper hand today on reports suggesting that the Ukrainian President is no longer pressing for NATO membership," said S. Ranganathan, Head of Research at LKP securities.

With Covid behind, coupled with the exit poll results, the equity market buoyed with major sectoral indices ending in the green, said Ranganathan.

Sensex settled 2.3 per cent or 1,223 points up at 54,647 points, whereas Nifty 2.1 per cent or 332 points up at 16,345 points.

Among the sectoral indices, Nifty media and realty rose the most, rallying 4.1 per cent and 3.1 per cent, respectively, NSE data showed.

On the stocks front, Asian Paints, Reliance Industries, Bajaj Finance, IndusInd Bank, and Mahindra & Mahindra were the top five gainers among the Nifty 50 companies, rising 6.1 per cent, 5.5 per cent, 5.2 per cent, 4.6 per cent, and 4.3 per cent, respectively.

The outcome of Assembly election results will have an impact for a day or two, and the market is expected to see some gains if BJP retains power in the state of Uttar Pradesh, said Parth Nyati, Founder of Tradingo.

"If BJP comes back to power, then infra and sugar stocks may do well due to stability in policies and vice-versa."