Sharp rally in domestic equities persisted for the second straight session, as the upbeat mood in global markets led by massive upsurge in Japan's Nikkei perked up investors sentiment back home and helped benchmark Sensex erase most of its losses incurred in two sessions starting Friday.
Wednesday, the 30-share BSE S&P Sensex ended the session at 25,719.58, up 401.71 points, or 1.6 percent from previous close, after surging 503 points intra-day to touch the day's high of 25,820.56. The broader 50-scrip CNX Nifty closed at 7,818.60, up 130.35 points, or 1.7 percent.
Market breadth ended firm with 1,981 stocks advancing against 713 declines on BSE.
In addition to yesterday's 424 points gains, the Sensex has jumped 824 points in two sessions.
Other indices in the Asian region such as Japan's Nikkei zoomed 7.7 percent to end at 18,770.51, its biggest single-day gain in seven years, while Chinese stock indices Hang Seng ended 4.1 percent higher and Shanghai Composite rose 2.3 percent at close.
Chinese indices sizzled after the country's finance ministry said it would strengthen fiscal policy, boost infrastructure spending and speed up tax reform.
The rupee's ascend for the second consecutive session also instilled some confidence among investors, as the currency appreciated 19 paise to 66.35 against the dollar.
"Global markets will continue to set the undertone of the markets here. Markets worldwide generally look for cues from world's two biggest economies, the US and China. However, we think the market may remain sideways ahead of the US Fed meeting on 17 September, which will be keenly tracked everywhere as more clarity will emerge on the Fed's rate hike plans," said Kapil Bali, executive director & CEO, at YES Securities.
Shares of frontline stocks that deal in commodities witnessed substantial buying support amid improving sentiment in global stocks. Shares of Hindalco zoomed nearly 8 percent to Rs 78.60, Vedanta flared up 6.8 percent to Rs 99.85, NTPC jumped 5.5 percent to Rs 120.85 and Tata Steel scaled up 4.6 percent to Rs 239.25.
Other blue chip counters such as Tata Motors, Maruti, Reliance Industries, Infosys, Bajaj Auto, Axis Bank, M&M, L&T and SBI were up around 2-4 percent each.
Several telecom stocks caught investors' eyes after the cabinet today cleared spectrum trading guidelines under which telecom operators will be able to sell radiowaves to other service providers, a move that will help address the problem of spectrum shortage.
Shares of Reliance Communications vaulted 11.6 percent to Rs 62.20, Tata Teleservices jumped 5.3 percent to Rs 6.57, Bharti Airtel rose 2.4 percent to Rs 355.20 and Idea Cellular rose 2.1 percent to Rs 149.20.
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Updated Date: Sep 09, 2015 16:50:01 IST