The domestic markets opened in the green on Wednesday amid positive global cues.
The BSE Sensex gained more than 500 points to 55,350 while the Nifty gained 170 points to 16,500.
Reliance, IndusInd Bank, Tech M, Tata Steel, Infosys and Titan were the major gainers on the Sensex, with up to 2.7 per cent gains. HUL was the sole index loser, down 0.6 per cent.
The broader markets also opened in green. The BSE MidCap and SmallCap indices were up to 0.9 per cent higher.
Earlier, Trends in SGX Nifty indicated a gap-up opening for the broader index in India with a gain of 175 points. The Nifty futures were trading around 16,512 levels on the Singaporean exchange.
Shares in the Asia-Pacific jumped Wednesday after a sharp bounce in US stocks overnight. The Nikkei 225 in Japan rose 2.13% and the Topix index gained 1.69%. In Australia, the S&P/ASX 200 rose 1.61%. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.2%.
US stocks closed with sharp gains on Tuesday as more companies joined big banks in reporting earnings that beat forecasts, offering respite to investors worried about higher inflation and a tightening Fed denting the corporate bottomline.