ICICI Bank, HDFC Bank, Reliance Industries, HDFC and Infosys were among the top movers in the Sensex.
The Indian equity benchmarks extended gains after staging a gap up opening on Tuesday mirroring gains in global markets after US Wall Street soared to its best day since July on Monday. The Sensex rose as much as 1,247 points and Nifty 50 index reclaimed its important psychological level of 17,250 on the back of a broad-based buying interest.
As of 1:33 pm, the Sensex was up 1,211 points at 58,000 and Nifty 50 index climbed 369 points to 17,257.
Most of the Asian markets were trading sharply higher following an overnight surge in US markets. Japan's Nikkei rose 2.4 per cent, Singapore's Straits Times advanced 1 per cent and Taiwan Weighted climbed 1.55 per cent.
Overnight, Wall Street soared to its best day in months Monday in a widespread relief rally after some unexpectedly weak data on the economy raised the possibility that the Federal Reserve won’t have to be so aggressive about hiking interest rates.
The S&P 500′s leap of 2.6 per cent was its biggest since July, the latest swing for a scattershot market that’s been mostly falling this year on worries about a possible global recession. Wall Street’s main measure of health was coming off its worst month since the coronavirus crashed markets in early 2020 and is still down nearly 23 per cent for the year.
The Dow Jones Industrial Average jumped 2.7 per cent, and the Nasdaq composite gained 2.3 per cent in Monday’s widespread rally that swept the vast majority of U.S. stocks higher.
Back home, buying was visible across the board as all the 15 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Metal and PSU Bank indexes' 3 per cent surge. Nifty Bank, Financial Services, IT, Media, Private Bank and Oil & Gas indices also rose between 1.1.8-2.7 per cent.
Mid- and small-cap shares were also witnessing buying interest as Nifty Midcap 100 and Nifty Smallcap 100 indices rose 1.85 per cent each.
All the 50 shares in Nifty 50 basket were trading higher. IndusInd Bank was top Nifty gainer, the stock rose 4.6 per cent to Rs 1,209. Hindalco, Bajaj Finance, Larsen & Toubro, JSW Steel, Axis Bank, Eicher Motors, ICICI Bank, State Bank of India, HDFC, Adani Ports, Bajaj Finserv, Tata Steel and HDFC Bank also rose between 2-4 per cent.
The overall market breadth was extremely positive as 2,238 shares were advancing while 365 were declining on the BSE.