Asian share markets are sharply higher today with traders tracking a surge across US and European markets as bargain-buyers stepped in following a Ukraine-fueled rout.

The Hang Seng is up 1.1% while the Shanghai Composite jumped 1.9%. Japan's Nikkei stood as the biggest gainer and advanced a massive 4%.

Back home, Indian share markets opened on a strong note, following the trend on SGX Nifty.

Riding the rebound across global markets, benchmark indices are trading on a firm note.

The BSE Sensex is trading up by 1,165 points. Meanwhile, the NSE Nifty is trading higher by 340 points.

Axis Bank and SBI are among the top gainers today.

Coal India, on the other hand, is among the top losers today.

In line with the up-move in benchmarks, broader markets also extended profits.

The BSE Mid Cap index and the BSE Small Cap index are trading higher by 1.7% and 2.1%, respectively.

All sectoral indices are trading in green with stocks in the banking sector, automobile sector, and realty sector witnessing most of the buying.

Shares of Gujarat Narmada and Swan Energy hit their 52-week highs today.

The rupee is trading at 76.27 against the US$.

Gold prices are trading down by 0.5% at Rs 52,495 per 10 grams.

Meanwhile, silver prices are trading down by 0.2% at Rs 69,450 per kg.

Gold fell as US Treasury yields rose while investors opted for riskier assets amid a retreat in crude oil prices after the UAE said it would help increase oil production, making safe-haven bullion less appealing.

Crude oil prices ticked up today. European Union leaders will phase out buying Russian oil, gas, and coal as the bloc seeks to reduce its reliance on Russian sources of energy.

In news from the global markets, the US and European stock markets snapped their recent losing streak with a strong rebound on Wednesday, as energy prices eased and traders bet that EU leaders would take action to limit the economic impact of Russia's invasion of Ukraine.

However, investor sentiment has shifted ahead of an EU summit today when leaders will discuss a new growth and investment model and ways to reduce dependence on Russian energy.

US stocks surged led by financial and tech shares, rebounding from several down days.

The tech-heavy Nasdaq Composite jumped 3.6% while the Dow Jones rallied 2%.

Meanwhile, renewed risk appetite drove the S&P 500 to its largest one-day gain since June 2020, rising 2.6%.

In news from the engineering sector, PNC Infratech is among the top buzzing stocks today.

PNC Infratech has been declared the L1 (lowest bidder) by the National Highways Authority of India for the project 'improvement and up-gradation'.

The scope of the project involves improvement and up-gradation of 54.4 km long to a four-lane road with paved shoulders Hardoi district of Uttar Pradesh on Hybrid Annuity Mode.

The bid project cost is Rs 8.6 bn and the project is to be constructed in 30 months and operated for 15 years post-construction.

The EPC company is engaged in infrastructure development through the construction of highways including BOT (built, operate, and transfer projects), airport runways, bridges, flyovers, and power transmission projects among others.

Shares of PNC Infratech are currently trading up by 2.6%.

Moving on to news from the power sector, Tata Power on Wednesday said its Singapore-based JV Resurgent Power Ventures has won the bid to acquire the stressed asset of South East UP Power Transmission Company (SEUPTCL).

This was done through its resolution process under the Insolvency and Bankruptcy Code (IBC).

The Tata group company holds a 26% stake in the joint venture through its wholly-owned Singapore-based arm Tata Power International Pte Ltd. The balance 74% stake is held by ICICI and others.

SEUPTCL was incorporated as a special purpose vehicle formed by UP Power Transmission (UPPTCL) on 11 September 2009, to operate the specified intra-state transmission system for a period of 35 years.

The company has around 1,500 km of a transmission line.

Tata Power CEO and MD Praveer Sinha said:

This asset will bring significant value to our transmission business and diversify the Resurgent Power portfolio after the successful turnaround of the 1,980 MW Prayagraj Power Plant and acquisition of System Strengthening Scheme in Northern Region NRSS XXXVI Transmission.

Tata Power's share price is currently trading up by 2.7%.

Speaking of Tata Power, have a look at the chart below to see how the company has performed in the year gone by.

Trading at a price-to-book value (P/BV) of 3.4x, a number higher than the past five years' average P/BV of 1.2x, the stock of Tata Power has doubled in the past year.