BENGALURU: Indian shares extended gains to a second consecutive session on Wednesday to settle over 2% higher, boosted by gains in Reliance and automobile stocks, with airlines also giving a push after the government lifted pandemic-related curbs on international flights.

The blue-chip NSE Nifty 50 index rose 2.07% to 16,345.35 at close, with most of its major sub-indexes in the positive territory. The S&P BSE Sensex climbed 2.29% to 54,647.33.

“At present, we are seeing a rebound or a relief rally after a sharp decline in indexes, and as long as the Nifty 50 is trading below the 16,400 zone, it is a sell-on-rise market,” said Ajit Mishra, vice president of research at Religare Broking.

The overall trend, however, is still negative due to global cues, including higher oil prices, Mishra said.

Oil-to-retail conglomerate Reliance Industries, India’s most valuable company, broke its four-day losing streak to close 5.3% higher.

Airline operators InterGlobe Aviation, after six consecutive sessions of losses, and SpiceJet closed 6.9% and 6% higher, respectively. The government said it would allow scheduled commercial flight operations to international destinations from March 27.

The Nifty auto index closed 2.85% higher, with Maruti Suzuki and Mahindra and Mahindra rising 3.2% and 4.9%, respectively.

The Nifty IT index, the energy index, the financial services index and the banks index also advanced between 1% and 2%. Heavyweights Bajaj Finserv and Bajaj Finance climbed 3.9% and 5%, respectively.

The Nifty metals index posted its second consecutive session of losses, closing 0.34% lower.

Broader equity markets also saw a rebound following a recent global sell-off on concerns around soaring oil prices and sanctions on Russia over its invasion of Ukraine.

Oil prices jumped after US President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports.