The BSE Sensex soared over 470 points and the Nifty index took out the 5,000 mark as Indian markets witnessed a dramatic rebound Wednesday. This was the biggest point gain for the Sensex since December 21, 2011.
Global cues supported sentiments. European stocks opened in the green and gained strength. Markets in France and Britain traded 1-2% higher. At 3.45 p.m., Spain's IBEX index traded 3% higher.
European stocks rose despite negative news flow around Spain, where the government said it is losing access to credit markets. The European Central Bank is likely hold interest rates unchanged at 1 per cent in a meeting today.
Asian markets rose for a second straight day. The rupee, too, held on to the gains, helping sentiments on the Street. It traded 22 paise higher against the dollar at 55.42.
The Sensex closed 433.66 points or 2.7% higher at 16,454, while the Nifty gained 134 points to 4,997. The Sensex made an intraday high of 16,494, while the Nifty hit the 5,010 mark.
Global cues supported sentiments. European stocks opened in the green and gained strength. Markets in France and Britain traded 1-2% higher. At 3.45 p.m., Spain's IBEX index traded 3% higher.
European stocks rose despite negative news flow around Spain, where the government said it is losing access to credit markets. The European Central Bank is likely hold interest rates unchanged at 1 per cent in a meeting today.
Asian markets rose for a second straight day. The rupee, too, held on to the gains, helping sentiments on the Street. It traded 22 paise higher against the dollar at 55.42.
The Sensex closed 433.66 points or 2.7% higher at 16,454, while the Nifty gained 134 points to 4,997. The Sensex made an intraday high of 16,494, while the Nifty hit the 5,010 mark.
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