Mumbai, Feb 24: Equity benchmark indices jumped by nearly 2 per cent on Wednesday with banking and financial stocks gaining substantial ground.
The BSE S&P Sensex closed 1,030 points or 2.07 per cent higher at 50,782 while the Nifty 50 advanced by 274 points or 1.86 per cent to 14,982.
At the National Stock Exchange (NSE), trading in all segments remained halted for several hours due to a technical problem. As a result, trading at both the stock exchanges was extended.
Except for Nifty IT, which slipped marginally, all sectoral indices were in the green zone with Nifty private bank gaining by 3.8 per cent, financial services by 3.4 per cent and PSU bank by 2.8 per cent.
Private banks gained substantially after the Finance Ministry allowed private sector banks for government related transactions.
Among stocks, HDFC Bank advanced by 5.3 per cent to Rs 1,611.05 per share. Axis Bank was up by 5.1 per cent, ICICI Bank by 3.8 per cent and Kotak Mahindra Bank by 2.4 per cent.
State Bank of India ticked up by 3 per cent and Bajaj Finance by 3.3 per cent. Coal India gained by 5.2 per cent to Rs 144.10 per share while infrastructure major Larsen & Toubro gained by 2.5 per cent.
The other major gainers were HDFC and UltraTech Cement. However, those which lost were UPL, Dr Reddy's, Sun Pharma, Cipla, JSW Steel, Tata Motors and Asian Paints.
Meanwhile, Asian equities opened lower on concerns about rising interest rates and rich equity valuations.
South Korea's Kospi shed 2.45 per cent on valuation nerves while Japan's Nikkei 225 was down by 1.61 per cent on profit booking in tech shares.
Hong Kong shares slumped by 2.99 per cent, the most in nine months, on stamp duty hike.