Benchmark indices surged in trade, as a risk-on rally was back across global markets, with the European indices surging and Dow Futures pointing to gains of at least 1 per cent.
The Sensex and the Nifty ended the day higher by more tha n 3 per cent, with the gains coming from banking stocks. ICICI Bank surged a huge 9 per cent, while Axis Bank closed the day higher by a solid 11 per cent. Even NBFCs like L&T Finance and Housing Finance companies jumped in trade.
Shares in Titan Company fell after the company gave a detailed impact on its business, and the impact by Covid 19 on operations. The stock was down more than 1 per cent, despite strong sentiments.
Bharti Airtel ended the day higher after Bharti Telecom Limited, promoter company of Bharti Airtel, raised Rs 8,433 crore by selling 2.75% stake in the operator to a number of overseas investors and domestic mutual funds.
Among the sectoral gainers, the Bank Nifty was the to gainer, thanks to solid gains in Axis Bank and ICICI Bank.
Meanwhile, the Indian rupee ended marginally lower at 75.72 per dollar, amid strong trade witnessed in the domestic equity markets.
European shares surged on Wednesday rallied as investors focused on a fresh stimulus plan for the European Union,