Equity benchmark indices Sensex and Nifty ended the highly volatile trading session with sharp gains on Wednesday, largely attributed to strong support asserted by allies of PM Modi-led BJP for the next government formation and also driven by positive global cues and an oversold market correction.
The 30-share BSE Sensex jumped 2303 points to settle at 74,382, while the NSE Nifty climbed 735 points to close at 22,620.
From the Sensex pack, IndusInd Bank, Tata Steel, Mahindra & Mahindra, Bajaj Finance and Kotak Mahindra Bank were the top gainers, whereas Larsen and Toubro was the only loser on the index. Almost all sectoral indices ended in the positive, where auto, metal, FMCG, healthcare and IT led the market momentum.
Asian shares settled on a mixed note, where Japan’s Nikkei, Hong Kong’s Hang Seng and China’s Shanghai Composite closed in the red while Seoul’s Kospi and Thailand’s SET Composite settled with gains.
European markets were trading in positive territory while Wall Street settled with gains on Tuesday.
Foreign institutional investors were the net sellers on Tuesday as they offloaded equities worth over Rs 12,436 crore.