Sensex made a gap up opening and surged 221 points to touch a high of 20,669.95 on back of firm global cues, the benchmark consolidated near 20,500 and ended the day at 20,543, up 135 points; the Nifty end up 41 points at 6186.
The rally was bouyed by metal and realty stocks.
Asian markets had a run on back of overnight rally on the Wall Street which took the markets to 5 month high. Conviction that central banks will do more to bolster the flagging economy in US and Japan have pulled markets higher across Asia and Europe.
Markets in Japan edged higher as investors cashed in on banks after Bank of Japan's decision to keep interest in near zero range on Tuesday.
The Nikkei Stock Average ended up 1.8%. Even Hong Kongs's Hang Seng reclaimed 23,000, the index closed at 22,949, up 1.4% on back of gains in resource and banking stocks.
BSE realty index rallied 2.7% to 4,016. Metal index was up 2.2% at 17,960.
Indiabulls Real Estate led the realty gainers list, soaring over 8.5% to Rs 199. Unitech surged 4.5% to Rs 98.
Orbit Corporation gained 3.6% to Rs 135. HDIL added 2.5% to Rs 285.
Metal stocks were in limelight in Asia. Gold miners and Exchange Traded Funds hit record high on the Asian bourses.
Investors have started betting on Gold once again on concerns of fragile recovery and currency fluctuations. Metal gainers included Hindustan Zinc, Sterlite and Hindalco. NMDC, Nalco, Jindal Steel and Sesa Goa also ended in green.
Straits Times of Singapore ended up 0.8%, Seoul Composite and Taiwan Weighted also ended up over 1%.
Stocks in Europe extended the
All the sectors in Europe have contributed to the rally, UK's low cost airline EasyJet surges on back positive guidance. Also Eurozone's second quarter GDP recorded 1% growth which was the highest in last 4 years.
Jaiprakash Associates jumped 6.6% to Rs 138. Market heavyweight, Reliance, added 2% to Rs 1,045.
Hero Honda and Larsen & Toubro advanced 1% each to Rs 1,820 and Rs 2,072, respectively. Maruti Suzuki, DLF, Wipro and TCS were some of the other big gainers.
However, Mahindra & Mahindra dropped nearly 1% to Rs 740. Hindustan Unilever, SBI, Cipla and Reliance Communications slipped in trades on Wednesday.
It was a day of stellar listing for two primary market issues. Eros International made a rocking debut, the issue listed at a premium of 10% and touched a high of Rs 217, the stock ended at Rs 189.5.
Also Career point, the tutorial service provider made a strong debut, shares plunged 93%to touchan high of Rs 674 and closed at Rs 669.
Market breadth on the BSE was positive. Out of 3,116 stocks traded, 1,780 advanced while 1,204 declined.
The value chart was topped by Indiabulls Financial Services with a turnover of Rs 276 cr, followed by Reliance, Shipping Coproration of India and Tata Steel.
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