Reliance Industries were observed to be rushing around 3%, soon after the Oil Minister submitted a suggestion to the Empowered Group of Minister (EGOM) for fuel price hike. In addition to this, Infosys, ICICI Bank, ITC and ONGC shares have also reported huge fluctuations.

The senesx was observed 170.73 points or 0.97% up at 17721.36 whereas the Nifty has climbed 37.45 points or 0.71% at 5315.75. Various market analysts have suggested the investors to be cautious as inflation continues to remain high and rising interest rates will continue to stress the Indian economy.

The Managing Director of KR Choksey Securities, Deven Choksey, said that the market is not so likely to experience a noticeable deviation as compared to the existing scenario and anticipated that it will be settled between 5175-5100 kinds of levels.

Reliance Communications at Rs 90.75 up 3.48%, ITC at Rs 191.05 up 3.16%, Reliance at Rs 869.05 up 2.71%, HUL at Rs 317.35 up 1.75% and ONGC at Rs 264.80 up 1.46% have credited to be called as top gainers.

"The Nifty is facing a stiff resistance at 5320 levels, if it sustains well above this level on closing basis with volume support we may see some upside towards 5360 led by short covering”, notified Ashish Chaturmotha from IIFL Wealth.