Market Wrap, May 27: Here's all that happened in the markets today

Benchmark indices shot up over 3 per cent on Wednesday, propelled by banks and financials, ahead of the upcoming derivative contract expiry.

The S&P BSE Sensex jumped 996 points to 31,605, and the Nifty50 index reclaimed the 9,300 zones, settling 286 points higher at 9,315.

Axis Bank (up 13 per cent) and ICICI Bank (up 9 per cent) were the top Sensex gainers. Besides, HDFC Bank, IndusInd Bank, Bajaj Finance, and Kotak Mahindra Bank were all up 5 per cent.

The Nifty sectoral indices were largely in the green, led by the Nifty Bank index, up over 7 per cent.

Broader indices, however, underperformed compared to their frontline peers. The S&P BSE MidCap index ended the session 0.54 per cent higher and the S&P BSE SmallCap index was up 0.28 per cent.

Buzzing stocks

Shares of Axis Bank soared 13.46 per cent to Rs 387.35 on the BSE on reports that private equity (PE) firm Carlyle was looking to pick around 8 per cent stake in the lender. 

Bajaj Finance and Bajaj Finserv recovered from multi-year lows closed 5 per cent and 3 per cent higher on the BSE. Earlier, the Bajaj twins had hit an over two-year low on the BSE amid concerns that the current April-June quarter (Q1FY20) will be a wash-out quarter for Bajaj Finance