MUMBAI: The Indian stock markets key indices rallied for the second consecutive day on Wednesday with Sensex rising by nearly 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 started the day on a positive note at 53,793.99 points and surged to a high of 54,558.23 points.
At 13.38 pm, the Sensex was trading 994.62 points or 1.86 per cent higher at 54,418.71 points against its previous day's close at 53,424.09 points. The Sensex had gained 581.34 points or 1.10 per cent on Tuesday.
The broader Nifty 50 of the National Stock Exchange was trading 284.40 points or 1.78 per cent higher at 16,297.85 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.
Mahindra & Mahindra soared 4.46 per cent to Rs 731.75. The index heavyweight Reliance Industries soared 3.99 per cent to Rs 2326. Bajaj Finserv surged 3.28 per cent to Rs 14930. Bajaj Finance was trading 3.20 per cent higher at Rs 6354.30.
Only four of the 30 stocks that are part of the benchmark Sensex were trading in the red. NTPC fell 1.57 per cent to Rs 131.50. Power Grid Corporation slipped 1.46 per cent to Rs 208.95. Nestle India and Kotak Bank were also trading in the red.