Benchmark indices zoomed up to 7 per cent on Wednesday to post their biggest one-day gain in terms of percentage as investor sentiment got a boost by gains in global markets amid reports that the US officials have reached a deal on a $2 trillion package to fight economic fallout from coronavirus (Covid-19) pandemic. Further, hopes of domestic stimulus also helped improve sentiment.
The S&P BSE Sensex rallied 1,862 points or 7 per cent to settle at 28,536 levels. Reliance Industries (RIL) emerged as the top performer on the index wth the gain of 14.65 per cent. In the intra-day session, the stock zoomed 20 per cent on reports that US tech giant Facebook is looking to buy a multiillion-dollar stake in Reliance Jio. India's fastest-growing network, Jio, has over 370 million subscribers. READ MORE
Other major contributors to the index's gain were HDFC Bank, HDFC, ICICI Bank, and Maruti. On the downside, four stocks - IndusInd Bank, ONGC, ITC, and Bajaj Auto ended in the red.
On the NSE, the frontline index Nifty ended at 8,298 levels, up 497 points or 6.37 per cent with 38 out of 50 constituents advancing and 11 declining and 1 remaining unchanged. On the sectoral front, Nifty Bank jumped around 8.5 per cent to 18,549 levels. India VIX declined around 8 per cent to 76.96 levels.
In the broader market, the S&P BSE MidCap index gained over 3.5 per cent to end at 10,212 levels while the S&P BSE SmallCap index rallied around 3 per cent to 9,129.58 levels.
Europe's main markets in London, Frankfurt and Paris all opened 4 per cent-5 per cent higher after the Nikkei in Tokyo had risen almost 7 per cent following some historic moves on Wall Street the previous day.