Sensex jumps 1300 pts, Nifty above 16,600; PSU banks surge

Investors are considering the possible inflation and growth shocks to the global economy from the conflict and ensuing sanctions. Russia and Ukraine are major grain exporters, while Russia is also rich in energy and metals.

Disruptions could stoke already-high price pressures just as the Federal Reserve prepares to tighten policy.

The Telecom Department has urged TRAI to expedite recommendations on spectrum, as it cited PMO's request to the department to work towards the initial launch of 5G by 15 August, and to possibly obtain the regulator's views before March 2022.

The move assumes significance as the industry is gearing up for mega spectrum auctions, that will pave the way for next generation 5G services to be rolled out in the country.