Benchmark indices ended over 2 per cent higher on Wednesday amid buying in financial stocks such as HDFC and HDFC Bank. Further, finance minister Nirmala Sitharaman's statement that the government was with industry and would do as much as possible to repair the damage when companies were going through the most stressful time, also boosted sentiment.
The S&P BSE Sensex rallied an impressive 622 points or over 2 per cent to 30,819 levels, with HDFC (up over 5.5 per cent) being the top gainer. Other top index gainers included Mahindra & Mahindra (up over 5 per cent), L&T (up 5 per cent), and Tata Steel (up 4 per cent).
NSE's Nifty ended above 9,050 levels at 9,066.55 points, up 187 points or over 2 per cent. Volatility index, India VIX, saw a sharp drop of 10 per cent at 35.59.
Sectorally, all the indices on the NSE ended in the green. Nifty Pharma topped the list with over 4 per cent gains at 9,456.80 levels. Nifty Bank and Nifty Private Bank gained 2 per cent each.
In the broader market, the S&P BSE MidCap index climbed around 1.5 per cent to 11,278 while the S&P BSE SmallCap added over 1 per cent to 10,472.
Shares of Reliance Industries – Rights Entitlement (RIL-REL) moved higher by up to 36 per cent to Rs 211.95 level on the National Stock Exchange (NSE) on the first day of its trading. The stock opened at Rs 158.05 and hit an intra-day low of Rs 152 on the exchange.
The market capitalisation (m-cap) of Avenue Supermarts, which runs the DMart chain of stores, crossed the packaged consumer goods company Nestle India today.
Shares of Larsen & Toubro (L&T) Infotech rallied 7 per cent after the company posted revenue growth of 4.7 per cent in constant currency (CC) terms on sequential basis in March quarter results. In rupee terms, the firm's revenue during the quarter under review grew up 7.1 per cent quarter on quarter (QoQ) at Rs 3,012 crore while consolidated net profit rose 13 per cent year-on-year to Rs 427.5 crore.