MUMBAI: The Indian stock markets key indices rallied for the second consecutive day on Wednesday with Sensex and Nifty rising by more than two per cent on the back of strong buying support in auto, infra and banking, and financial stocks.
The 30 stock S&P BSE Sensex surged 1223.24 points or 2.29 per cent to 54,647.33 points against its previous day's close at 53,424.09 points.
Earlier, the Sensex started the day on a positive note at 53,793.99 points and surged to a high of 54,893.73 points in the intra-day.
The Sensex had gained 581.34 points or 1.10 per cent on Tuesday. The broader Nifty 50 of the National Stock Exchange closed 331.90 points or 2.07 per cent higher at 16,345.35 points. The Nifty had gained 150.30 points or 0.95 per cent on Tuesday.
There was strong buying support in auto, energy and banking, and financial stocks.
The index heavyweight Reliance Industries surged 5.24 per cent to Rs 2353.80. Asian Paints soared 5.56 per cent to Rs 2875.10. Bajaj Finance jumped 5.13 per cent to Rs 6473. Mahindra & Mahindra soared 4.94 per cent to Rs 735.10.
Only five of the 30 stocks that are part of the benchmark Sensex closed in the red.
Power Grid Corporation slipped 1.89 per cent to Rs 208.05. NTPC fell 1.57 per cent to Rs 131.50. Tata Steel, Nestle India, and Wipro also closed in the red.