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Sensex surges 258 pts; Nifty reclaims 11,600 mark

Sensex surges 258 pts; Nifty reclaims 11,600 mark
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Mumbai: Equity benchmarks darted up for the second straight session on Wednesday as banking, auto and IT stocks saw robust buying amid mixed global cues.

A strengthening rupee and supportive comments by the RBI Governor also bolstered investor sentiment, traders said.

The 30-share BSE Sensex jumped 258.50 points or 0.66 per cent to close at 39,302.85. The broader NSE Nifty rose 82.75 points or 0.72 per cent to finish at 11,604.55.

M&M was the top gainer in the Sensex pack, climbing 4.24 per cent, followed by Bajaj Auto, Sun Pharma, HDFC Bank, Infosys, L&T and UltraTech Cement.

On the other hand, IndusInd Bank, NTPC, SBI, ONGC, Bharti Airtel and Axis Bank were among the laggards, skidding up to 1.80 per cent.

According to traders, stock-specific action and sustained foreign fund inflows drove domestic equities higher, despite mixed cues from global markets ahead of the US Federal Reserve's policy outcome.

Foreign institutional investors bought equities worth Rs 1,170.89 crore on a net basis on Tuesday, exchange data showed.

RBI Governor Shaktikanta Das on Wednesday said economic recovery is still not well entrenched and that the central bank is "battle ready" to take appropriate measures for liquidity and growth.

Broader BSE mid-cap and small-cap indices rose up to 0.44 per cent.

Global oil benchmark Brent crude was trading 2 per cent higher at USD 41.34 per barrel.

In the forex market, the rupee strengthened by 12 paise to finish at 73.52 against the

US dollar.

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