Sensex jumps over 425 points; Nifty tests 16,500
The 30-share BSE benchmark surged 427.79 points or 0.78 per cent to close at 55,320.28. During the day, the benchmark hit a high of 55,366.84 and a low of 54,507.41.
The broader NSE Nifty advanced 121.85 points or 0.74 per cent to finish at 16,478.10.
Dr Reddy’s was the biggest gainer in the sensex pack, spurting 3 per cent, followed by Reliance Industries, Bharti Airtel, Tech Mahindra, Sun Pharma and Kotak Mahindra Bank.
On the other hand, Tata Steel, NTPC, SBI and Bajaj Finance were among the main losers, shedding up to 3.81 per cent.
Elsewhere in Asia, markets in Shanghai, Seoul and Hong Kong ended lower, while Tokyo settled higher.
European markets were trading significant lower during afternoon trade.
Meanwhile, international oil benchmark Brent crude slipped 0.13 per cent to $123.42 per barrel.
Foreign institutional investors remained net sellers as they offloaded shares worth Rs 2,484.25 crore on Wednesday, according to stock exchange data.