Benchmark equity indices rallied sharply for the second day on Thursday following a rally in the global markets and after the US Federal Reserve projected three rate cuts this year. The BSE Sensex jumped 539.50 points or 0.75 per cent to settle at 72,641.19. The NSE Nifty climbed 172.85 points or 0.79 per cent to 22,011.95. Broader market outperformed with Nifty Midcap and Nifty Smallcap up more than 2 per cent each. All sectors ended in green with Realty, PSU Bank, and Metals being top gainers.