Reclaiming its crucial psychological level of 28,000, the S&P BSE Sensex surged over 250 points in trade on Wednesday, even as cues from Asian markets were largely mixed. The 50-share index Nifty was trading above the crucial 8,500-level.
Investors were keenly waiting for the US Fed Chair Janet Yellen's two-day testimony before the US Congress and voting on reform measures by the Greek parliament, both scheduled later in the day. There were expectations that Yellen could give more cues on the timing of the beginning of Fed rate hikes later this year. She was also expected to talk about the state of the US economy.
Five out of 10 Sensex stocks were trading in the green. The gains in the benchmark indices were led by index heavyweights such as HDFC, Infosys, TCSBSE 1.73 % and Maruti Suzuki. The Volatility Index (VIX) which measures market volatility over the next 30 days fell 3.1 per cent.
Stocks of Zee Entertainment surged nearly 3 per cent after the company released data of its June quarter earnings. The company's Q1 PAT stood at Rs 243 crore against Rs 210 crore YoY.
Sun TVBSE -4.05 % fell nearly 4 per cent in intraday trade as company failed to get nod for FM auctions. DLF added 3 per cent in intraday trade on reports of fund raising.
Asian markets were trading mixed. Chinese mainland index Shanghai Composite cracked over 4 per cent, trading below the 3,800-mark. Hong Kong's Hang Seng fell over 100 points and was trading below the 25,000-level in trade. Japan's Nikkei ended the session in green, 0.38 per cent or, 78 points up at 20,463.33.
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