Bluechips including HDFC Bank, ONGC, Infosys, L&T, Bharti Airtel, HDFC, ICICI Bank and SBI together added almost 150 points to the key index's gains.
The 30-share Sensex resumed higher and stayed in positive terrain through the day, before settling at 20,128.41, a gain of 179.68 points, or 0.9 per cent. The index had closed at 20,215.40 on May 30. Yesterday, it gained 0.49 per cent.
"The week has been intensely volatile on varied cues, both domestic and international," said Amar Ambani, head of research at India Infoline. "Dealers expect volatility to perk up on Friday, given the weekly close and results by index major Reliance Industries."
All 13 BSE sectoral indices closed with gains ranging from 0.24 per cent to 2.53 per cent, led by realty, banking, consumer durable, PSU, capital goods and refinery segments.
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Foreign Institutional Investors (FIIs) sold shares worth Rs 26.09 crore, while domestic institutional investors were net sellers worth Rs 73.86 crore on Wednesday, according to provisional data from the National Stock Exchange.
Global financial services firm Macquarie today lowered India's growth forecast for this fiscal to 5.3 per cent from 6.2 per cent previously, citing significant capital outflows and rupee depreciation.