Sensex Gains 526 Points; Nifty Tops 22,100
Indian shares rose notably on Wednesday despite mixed cues from global markets.
Underlying sentiment remained supported somewhat as crude prices extended declines for a second day running on data showing a significant surge in crude stockpiles in the United States, the world's largest consumer of oil.
Rate-sensitive bank and auto stocks as well as heavyweight Reliance Industries topped the gainers list, while FMCG and IT stocks underperformed.
The 30-share S&P BSE Sensex rallied 526.01 points, or 0.73 percent, to close at 72,996.31, while the NSE Nifty 50 ended at 22,123.65, up 118.95 points, or 0.54 percent, from its previous close.
Market heavyweight Reliance Industries jumped 3.5 percent as Goldman Sachs raised its target price on the stock.
Among other prominent gainers, Titan Company, Bajaj Finance, Bajaj Auto and Maruti Suzuki India climbed 2-3 percent.
Sanofi India added 3.8 percent after it inked a distribution pact with Cipla for CNS products.
Cues from Asia and Europe were mixed. Gold edged higher in European trade while the dollar consolidated on dovish comments from a BOJ board member and ahead of U.S. inflation test.
The release of the U.S. Federal Reserve's favored inflation indicator along with public comments from Fed Chair Jerome Powell on Friday are expected to provide additional clues on the Fed's rate trajectory.
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