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Indian stocks soar as the aviation sector performs well.

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On Wednesday, Indian stocks nudged higher, with aviation stocks leading the way as the government lifted pandemic-related restrictions on international flights.

As of 0350 GMT, the blue-chip NSE Nifty 50 index (NIFTY) was up 0.29 percent at 16,060.55, while the S&P BSE Sensex (.BSESN) was up 0.27 percent to 53,570.38, extending gains from the previous session.

Interglobe Aviation (INDIGO) and SpiceJet (SPICEJET) both increased by 7.4 percent and 5%, respectively.

India announced on Tuesday that it will allow scheduled commercial flights to international destinations beginning March 27, eliminating restrictions for the first time in two years and for the first time since the COVID-19 outbreak began.

The Nifty IT index (CNXIT), auto index (CNXAUTO), and energy index (CNXENERGY) were among the gainers, each climbing 1%.

As investors analysed the impact of a deepening crisis in Ukraine and a U.S. ban on Russian oil, Asian markets stabilised.

Oil prices rose after US President Joe Biden placed an emergency ban on Russian oil and other energy imports in retaliation for Ukraine’s incursion on Tuesday.

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