Equity benchmark indices were volatile on Wednesday but closed 0.9 per cent higher as investors made calculated bets ahead of the Reserve Bank of India's policy rate decision.
At the closing bell, the BSE S & P Sensex was up by 353 points to 41,143 while the Nifty 50 advanced by 111 points at 12,090.
Except for Nifty media, all sectoral indices at the National Stock Exchange were in the green with Nifty metal up by 3.1 per cent, realty by 2.1 per cent and financial service by 1.3 per cent.
Among stocks, Tata Motors accelerated by 10.68 per cent at Rs 183.40 per share. Yes Bank transited into the green zone with an uptick of 8.5 per cent at Rs 37.95 apiece.
Metal majors Tata Steel, JSW Steel, Vedanta and Hindalco gained by 5.7 per cent, 4.9 per cent, 3.7 per cent and 3.6 per cent, respectively.
Oil marketing firm Bharat Petroleum Corporation Ltd (BPCL) edged higher by 4.8 per cent after Russia's largest oil producer Rosneft said it is keen to bid for its acquisition. The government is selling all of its 53 per cent stake in BPCL in the country's biggest privatisation plan.
However, Zee Entertainment remained trapped in the downward spiral and plunged by 6.3 per cent. The stock started witnessing a fresh wave of selling after the Ministry of Corporate Affairs ordered an inspection of the company's financials following allegations of corporate governance.
The other prominent losers were Hero MotoCorp, Maruti Suzuki India, Dr Reddy's and Power Grid Corporation.
Meanwhile, Asian stocks steadied on hopes of additional Chinese stimulus to lessen the economic impact of a coronavirus outbreak. The illness continues to spread and the death toll neared 500.
Japan's Nikkei stock index rose by 1.02 per cent while Hong Kong's Hang Seng climbed by 0.42 per cent and South Korea's Kospi by 0.36 per cent. The Shanghai composite index soared by 1.25 per cent.
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