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.
Buzzing stocks 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.
READ MORE The market capitalisation (m-cap) of Avenue Supermarts, which runs the DMart chain of stores, crossed the packaged consumer goods company Nestle India today.
READ MORE 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.
READ MORE Global markets
Asian stocks struggled to extend the week’s rally on Wednesday, and gold and bonds firmed, as a sceptical press report dented some hopes for a Covid-19 vaccine and concerns about the global recovery from the pandemic returned. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat. Stocks in Hong Kong and China idled were also flat as investors wait to hear the government's economic plans, due to be announced during the annual gathering of parliament beginning on Friday. Japan's Nikkei rose 1 per cent.
In Europe, stocks slipped. Europe’s STOXX 600 index was 1.6 per cent lower. The blue-chip FTSE 100 was down 0.4 per cent as Rolls-Royce Holdings Plc shed 0.8 per cent after it said it would cut 9,000 jobs and might close some of its factories.
In commodities, oil prices rose amid signs of improving demand and a drawdown in US crude inventories but worries over the economic fallout from the coronavirus pandemic capped gains.
(With inputs from Reuters)
 "MARKET WRAP: Financials lift indices; Sensex up 622 pts; Nifty above 9,050")
