The S&P BSE Sensex and NSE Nifty 50 Index snapped their longest losing streak of 2019 paced by gains in metal, information technology and banking shares. Meanwhile, a rally in other Asian markets, which rose to the highest level in over four months, also boosted the investor sentiment for domestic equities. The Nifty 50 index rose 131 points or 1.24 per cent to end at 10,735 and 30-share Sensex climbed 1.14 per cent or 404 points to shut shop at 35,756.
Analysts say the markets rose on account of a short covering rally which triggered after nine sessions of losses for Sensex and eight days of decline for Nifty.
Gains in Wednesday's session were broad-based as all the 19 sector gauges compiled by the Bombay Stock Exchange ended higher led by S&P BSE Metal Index's 3 per cent gain. Oil & Gas, Basic Materials, Energy and Information Technology Indices also rose between 1.44-2.2 per cent each.
Mid- and small-cap stocks also witnessed buying interest as the S&P BSE Midcap Index rose 0.91 per cent and the S&P BSE Smallcap Index climbed 0.84 per cent.
Indiabulls Housing Finance was the top gainer in Nifty 50 basket of shares. Shares closed 6.14 per cent higher at Rs 652. Tata Steel, Vedanta, Adani Ports and Hindalco were also among the gainers on the 50-share index. On the flipside, Dr. Reddy's Labs, Hero MotoCorp, Hindustan Unilever, Zee Entertainment and IndusInd Bank were among the notable losers.
The overall market breadth was positive as 1,496 shares ended higher while 1,109 closed lower on the BSE.