Benchmark indices surged in trade led by a solid 10 per cent rally in the stock of Reliance Industries. The Sensex ended the day higher by 743 points, while the Nifty ended the day higher by 206 points, recovering a significant part of Tuesday's losses.
Shares in Reliance Industries was the star performer, with the stock jumping 10 per cent, after Facebook picked a 10 per cent stake for Rs 43,574 Crore. Investors cheered the stake, as hopes brightened that it would help Reliance Industries to pare its debt.
Zee Entertainment was another stock that saw significant gains, and was the top gainer from the Nifty. The shares of the company jumped 18 per cent and was the top gainer from the Nifty space. Asian Paints, Maruti and Mahindra Manhindra were a few other stocks that were among the gainers.
Shares in ONGC shed a huge 6 per cent, following a crash in oil prices. The company is likely to lose significantly, should prices of crude oil continue to remain depressed.
Vedanta and Larsen and Toubro were the other stocks that lost ground from the Nifty. Shares in Shemaroo were locked at the upper end of the circuit filter for the ninth straight day.
Meanwhile, most of the Asian markets ended the da with decent gains, while Europe was trading with gains of near 1.5 per cent.