Mumbai: Benchmark stock market indices surged sharply during intraday trading on Wednesday, with the S&P BSE Sensex and NSE Nifty50 gaining over 2% each.
The surge came after the stock markets faced their worst crash in four years on Monday as Dalal Street investors were disappointed with the Lok Sabha election results.
The Sensex was up 1,651.25 points at 73,730.30 at 11:37 am, while the Nifty50 jumped 508.40 points to trade at 22,392.90.
Both the stock indices surged sharply in early trade today. Still, high selling pressure amid volatility dented gains, with experts predicting the possibility of choppy trade in the near term due to the unexpected results.
Even the broader market indices rose sharply, with strong gains in Nifty Small- and Mid-cap stocks. This was due to a sharp decline in volatility as indicated by a 28% drop in India VIX.
The gains were primarily driven by a stellar surge in FMCG and auto stocks, while high-weightage banks, financial services and IT sectors also contributed to the gains.
The top gainers on the Nifty50 were Hero MotoCorp, HUL, M&M, Tata Consumer Products and Asian Paints.
On the other hand, the top losers were L&T, Grasim, BPCL, Power Grid and SBI.
