Benchmark indices gained after six-days of straight declines, in which the Sensex shed as much as 2,000 points. The Sensex was up 260 points at 34,460 points, while the Nifty was up 86 points. All eyes would now be on the RBI monetary policy for further cues on interest rates hikes.
Powergrid and NTPC were the only stocks that saw declines from the Sensex.
Today's rally was largely sparked after a sharp recovery in the Dow Jones Industrial Average which jumped as much as 500 points in trade. On Monday and Tuesday it was mayhem across the global markets, following a sharp hike in bond yields. This sparked a selling pressure across the global markets, which led to sharp fall in the Indian indices as well.
Back in Asia, the Japanese Nikkei was up as much as three per cent, while the Hong Kong's Hang Sang was up by 1 per cent. The Shanghai Composite and the Korean Kopsi were a little soft in trade.