Sensex rebounds 490 points to close above 39k ; Nifty reclaims 11,700 mark

Mumbai: Snapping its three-session losing streak, benchmark BSE Sensex surged 490 points Wednesday as investors piled into finance, energy and IT stocks ahead of expiry of derivatives contracts.

Index heavyweight Reliance Industries, HDFC and HDFC Bank accounted for almost half of the Sensex's gains.

Markets were propelled by short covering ahead of expiry of April futures and

options contracts Thursday amid positive global cues, analysts said.

After starting on a positive note, indices were boosted by a burst of buying towards the fag-end.

The BSE Sensex soared 489.80 points, or 1.27 per cent, to close at 39,054.68. The broader NSE Nifty climbed 150.20 points, or 1.30 per cent, to 11,726.15.

In the Sensex pack, HCL Tech spurted 3.40 per cent, followed by ONGC, IndusInd Bank, Yes Bank, Bharti Airtel, HDFC, RIL, Bajaj Finance, SBI, HDFC Bank and TCS.

On the other hand, Tata Motors, Hero MotoCorp, Coal India, PowerGrid, Maruti, Axis Bank and NTPC fell up to 3.33 per cent.

"Despite mixed signals from global markets, and worries domestically on growth and elections, Indian markets rallied almost 1.3 per cent. After three straight days of losses in the Nifty, the headline index delivered strong gains led by financials and tech, while autos continued to drag.