Sensex rallies 437 points; Nifty reclaims 13,600

Mumbai: The Sensex and Nifty defied gravity for the second straight session on Wednesday as investors scooped up IT and FMCG shares amid a firm trend in global markets.

A recovering rupee and global drugmakers' assertion that their COVID-19 vaccines will work against a new coronavirus strain the UK further shored up investor confidence, traders said.

The 30-share BSE Sensex rallied 437.49 points or 0.95 per cent to close at 46,444.18.

Similarly, the broader NSE Nifty surged 134.80 points or 1 per cent to 13,601.10.

HUL was the top gainer in the Sensex pack, spurting 2.67 per cent, followed by Infosys, M&M, SBI, ITC, IndusInd Bank, Bajaj Finance, Asian Paints, Bharti Airtel and TCS.

Only four index components closed lower -- Titan, PowerGrid, NTPC and HDFC, shedding up to 0.81 per cent.

Global markets were largely positive after drug companies like BioNTech, Moderna and AstraZeneca exuded confidence that their COVID-19 vaccines will be effective against the new virus strain reported in the UK.

All sectoral indices ended with gains. BSE realty, metal, IT, telecom, teck, FMCG and industrials indices surged as much as 3.97 per cent.

In the broader markets, the BSE midcap and smallcap indices rallied up to 2.65 per cent.

Elsewhere in Asia, bourses in Shanghai, Seoul, Hong Kong and Tokyo ended on a positive note.

Meanwhile, the global oil benchmark Brent crude futures rose 0.12 per cent to USD 50.14 per barrel.

The rupee snapped its two-day losing streak to settle higher by 8 paise at 73.76 against the US dollar.