Mumbai: Breaking its nine-day losing streak, the BSE Sensex zoomed 404 points Wednesday while the NSE Nifty reclaimed the 10,700 mark, propelled by gains in metal, IT and banking stocks amid positive global cues.
The 30-share Sensex settled 403.65 points, or 1.14 % higher at 35,756.26. The broader NSE Nifty soared 131.10 points, or 1.24 %, to 10,735.45.
In the past nine sessions, the Sensex had lost 1,622.62 points, while the Nifty cracked 465.05 points over eight sessions.
Vedanta was the biggest gainer in the Sensex pack Wednesday, rallying 4.67 %.
Other gainers included Tata Steel, ONGC, NTPC, Yes Bank, Infosys, Sun Pharma, Bharti Airtel, SBI, Bajaj Finance, L&T and RIL, rising up to 4.13 %.
On the other hand, Hero MotoCorp, HUL, M&M, Bajaj Auto and IndusInd Bank fell up to 0.56 %.
“The market continues to fight the wall of worry, and bulls appear to be unwilling to give up the fight, as Indian equities had a strong day, up 1.3 %,” said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.
Commodities and metals led the gains, alongside IT and energy, as investors are expecting a favourable outcome of the US-China trade talks, he added.
Sectorally, the BSE metal index gained the most, surging 2.99 %, followed by oil and gas, IT, telecom and bankex.
Meanwhile, broader indices too ended in the green, with the BSE Midcap and Smallcap rising up to 0.91 %.
Domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,163.85 crore, while foreign institutional investors (FIIs) sold shares worth a net of Rs 813.76 crore on Tuesday, provisional data available with BSE showed.
Global markets spurted on hopes of a positive outcome of the ongoing US-China trade negotiations.
US President Donald Trump Tuesday said the negotiations were going very well, but refrained from committing any extension of the March 1 deadline to arrive at an understanding.
In Asia, Hong Kong’s Hang Seng jumped 1.01 %, Korea’s Kospi rose 1.09 %, Japan’s Nikkei ended 0.60 % higher and Shanghai Composite Index gained 0.20 %.
In the Eurozone, Frankfurt’s DAX was up 0.40 %, Paris CAC 40 rose 0.09 %, and London’s FTSE was up 0.05 % in early deals.
The benchmark Brent crude futures fell 0.44 % to USD 66.16 per barrel.
Meanwhile, the rupee appreciated 26 paise to 71.08 against the US dollar intra-day.