All-round buying driven by a rally on the metals, realty, consumer durables and banking counters, triggered by strong global trends, helped the benchmark Sensex eraseTuesday's sharp loses and surge 333 points on Wednesday.
The 30-share BSE barometer resumed 167 points up and remained in the green throughout the day, touching a high of 16,552.99 before shutting shop for the day at 16,496.05,rising 332.61 points or 2.06 per cent over its previous close.
Following the market barometer, the broader 50-issue. Nifty of the NSE also flared up by 101.75 points or 2.11 per cent to close well above the psychological mark of 4,900 at 4,931.85 points. The Nifty had a 52 points positive opening today driven by strong buying support from the start.
SMC Capital vice-president Rajesh Jain said, "the markets rallied today on the back of positive global cues and good hort covering. The market was also influenced by hopes of positive response from the Kirit Parikh panel for freeing oil prices on the back of which oil & gas stocks saw good buying."
Marketmen said good response to the NTPC follow-on public offer on the first day of bidding on Wednesday amid firm Asian cues also aided the market after being badly bruised on Tuesday.
CNI Research chairman Kishor P Ostwal attributed the rally to "stable funds buying in the domestic equities which have a horizon for medium and long-term investment and stable returns. Also, markets are yet to see some short-covering."
The buying interest was strong and broad-based that all 30 index-based sectoral indices ended in the green barring Sun Pharma