Sensex jumped 772.73 points from day's low to end at 59,005.27, up 514.34 points or 0.88% from its previous close
Investors will continue to focus on the US Federal Reserve's upcoming meeting for clues on the central bank's tapering of its easy monetary policy
The market watcher is positive on the FMCG index and he also expects some kind of bounce in the pharma sector.
All sectoral indices on the NSE barring Nifty Media closed in the green. Sustained buying momentum across all sectors was witnessed.
Sensex settled 175.62 points or 0.31% higher at 56,124.72, while the broader NSE Nifty gained 68.30 points or 0.41% to close at a record 16,705.20
Tata Steel, shedding over 8%, was the top laggard in the Sensex pack, followed by SBI, Dr Reddy’s, Kotak Bank, Sun Pharma, Bajaj Auto and L&T
The brokerage remained overweight on industrials, given the expectation of multi-year capex upcycle
Sensex slipped 489 points from its record highs of 56,118 to end at 55,629, lower by 162 points or 0.29%
Most sectoral indices on the NSE closed in the red. IT and FMCG stocks led the rally, while metals, banks and financials were under pressure.
Asian markets ended mostly lower on Wednesday, even after the US Senate approved a $1 trillion bipartisan infrastructure bill.