NEW DELHI: The S&P BSE Sensex surged over 300 points in trade on Wednesday in step with the upswing in Asian markets, which were trading higher on expectations that China would announce more stimulus measures to support the economy after weak trade data.The 50-share Nifty index was testing its crucial psychological level of 7,800. CNX Bank Nifty surged over 200 points in trade.The market sentiment also got a boost from an overnight rally in US markets. Stocks rose more than 2 per cent, bouncing after steep losses last week and a China-fueled rebound in global equities.

The gains were broad-based and followed a three-day US holiday weekend. All but one of the 10 major S&P sectors ended with gains of more than 2 per cent.The gains on the benchmark indices were led by intense buying observed in stocks private lenders such as Axis Bank, HDFC Bank, ICICI Bank.Infosys and HDFC too contributed to the index rally.The overall market breadth was upbeat, with eight out of every 10 BSE stocks quoting in the green.The S&P BSE Midcap Index was up 1.67 per cent. The S&P BSE Smallcap Index gained 1.72 per cent.

All BSE sectoral indices were trading in the positive terrain. The S&P BSE Realty Index was the top sectoral gainer, up 3.31 per cent. HDIL, Prestige contributed most to the gains.The ‘Volatility Index’, India VIX also referred to as the ‘fear gauge’ was down 2 per cent.On the global front, Asian stocks galloped higher on Wednesday, led by a surge in Japan, as investor confidence grew that China’s recent market turbulence was subsiding. Japan’s Nikkei 225 index posted its biggest gain this year, jumping 5.7 per cent to 18,415.20 as it caught up with a late rebound in China from the day before. South Korea’s Kospi added 2.2 per cent to 1,920.46 and Hong Kong’s Hang Seng climbed 2.4 per cent to 21,769.27. The Shanghai Composite Index in mainland China rose 2 pe ..

The rupee strengthened 21 paise to 66.34 against the US dollar in early trade on Wednesday amid a rally in global equity markets on revived hopes that China will take enough fiscal measures to restrict the slowdown in its economy. The domestic currency had closed 27 paise higher at 66.55 against the greenback.

Source:http://economictimes.indiatimes.com/markets/stocks/news/sensex-up-300-points-nifty-tests-7800-on-upbeat-global-markets/articleshow/48879326.cms

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