Sensex Surges 617 Points, Nifty Settles Above 15,950; Financial, Consumer Stocks Climb

Indian equity benchmarks on Wednesday climbed sharply, led by gains in financial, consumer and automobile stocks. A recent slump in crude oil prices also supported investors' sentiment.

Brent crude futures were trading slightly above $104 per barrel after tumbling 9.5 per cent in the previous session. US crude futures were up marginally, staying above the $100 a barrel mark, after ending below $100 for the first time since late April yesterday.

Although, stocks in Asia slipped today as concerns about a global recession persist.

Back home, the 30-share BSE Sensex jumped 617 points or 1.16 per cent to close at 53,751 today, while the broader NSE Nifty moved 179 points or 1.13 per cent higher to settle at 15,990.

Mid- and small-cap shares finished on a strong note as Nifty Midcap 100 zoomed 1.90 per cent and small-cap rose 0.49 per cent.

14 out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the green. Sub-indexes Nifty Financial Services, Nifty FMCG, Nifty Consumer Durables and Nifty Auto outperformed the NSE platform by rising as much as 3.12 per cent, 2.64 per cent, 2.35 per cent and 2.60 per cent.

However, Nifty Oil & Gas showed some weakness by falling as much as 0.17 per cent.

On the stock-specific front, Bajaj Finance was the top Nifty gainer as the stock soared 4.75 per cent to Rs 5,930. Bajaj Finserv, Britannia, Hindustan Unilever and Eicher Motors were also among the gainers.

The overall market breadth stood positive as 1,840 shares advanced while 1,463 declined on BSE.

On the 30-share BSE index, Bajaj Finserv, Bajaj Finance, HUL, Maruti, Asian Paints, Titan, Kotak Mahindra Bank, Nestle India, M&M, IndusInd Bank, UltraTech Cement and SBI were among the top gainers with their shares up as much as 4.54 per cent.

Further, shares of Life Insurance Corporation of India (LIC), the country's biggest insurer and largest domestic financial investor, edged 0.04 per cent higher to end at Rs 703.05.

In contrast, PowerGrid, NTPC, Reliance Industries, L&T and Tata Steel finished in the red.