Sensex and Nifty ended higher on Wednesday after staging a sharp recovery from deep morning losses, supported by strong gains in Reliance Industries, energy, auto and capital goods stocks. At close, the Sensex rose 117.54 points or 0.16 percent to settle at 75,318.39, while the Nifty gained 41 points or 0.17 percent to close at 23,659.00. Market breadth remained mixed, with 2,008 shares advancing against 1,920 declines. Oil & gas, power, energy and auto stocks led sectoral gains, while FMCG, IT and media indices lagged. Broader markets outperformed benchmark indices, with the Nifty Midcap 100 index rising nearly 0.5 percent, while India VIX declined over 1 percent, signalling easing volatility by the close.

Two Chinese tankers laden with oil exited the Strait of Hormuz, according to shipping data, brightening ?hopes that ?the U.S.-Israeli conflict with Iran may soon be resolved, reported Reuters.

The brent crude prices dropped below $110 per barrel to 109.77, down 2.51 percent.