Sensex jumps 254 points; pharma, IT stocks drive rally

Bajaj Finance was the top gainer in the Sensex pack, rising around 2 per cent, followed by Sun Pharma, Tech Mahindra, Axis Bank, Bajaj Auto and Infosys.

NSE Nifty rose 76.40 points to 15,174.80.

Extending its gains for the third straight session, equity benchmark Sensex jumped over 254 points on Wednesday tracking gains in pharma, IT and auto shares amid largely positive cues.

The 30-share BSE Index ended 254.03 points or 0.50 per cent higher at 51,279.51, and the broader NSE Nifty rose 76.40 points or 0.51 per cent to 15,174.80.

Bajaj Finance was the top gainer in the Sensex pack, rising around 2 per cent, followed by Sun Pharma, Tech Mahindra, Axis Bank, Bajaj Auto and Infosys.

On the other hand, ONGC, Kotak Bank, ITC, HDFC Bank and PowerGrid were among the laggards.

According to Binod Modi, head - strategy at Reliance Securities, domestic equities extended gains for the third consecutive day mainly aided by favourable global cues.

IT, metals and pharma recorded sharp rebound over 1 per cent, while a strong buying was seen in automobile stocks also.

Barring, PSU banks, most of the key sectoral indices ended in green. Unlike Tuesday, midcap and small cap stocks attracted investor interest on Wednesday again.

Elsewhere in Asia, bourses in Shanghai and Seoul ended with losses, while Hong Kong and Tokyo settled on a positive note.

Stock exchanges in Europe were largely trading with gains in mid-session deals.

Photograph: Shailesh Andrade/Reuters