Sensex ended above the psychological mark of 39,000 after it gained sharply during the end of the trade session on Wednesday, closing with a 489 points gain.
Except for the auto company stocks, all the other stocks, led by oil and gas, closed higher. The benchmark Sensex finished 489.80 points or 1.27 per cent higher at 39,054.68 while the Nifty ended 150.20 points or 1.30 per cent up at 11,726.15.
Besides, the Nifty IT index hit its highest level in a year (52 week high) on Wednesday, owing to the weakness in the rupee over surging oil prices which may benefit the export-oriented sector.
“Market rallied after a range bound movement supported by short covering ahead of F&O expiry and in-line results for Q4FY19 till date. Government 10-yr yield slid as the RBI announced open market operation while the rupee weakened due to uncertainty in oil prices,” said Vinod Nair, Head of Research, Geojit Financial Services.
“Prospects over quarter results may cap the anxiety on crude price volatility, while any consolidation will give an entry point to quality stocks.”
The top gainers on the Sensex were HCL Tech, ONGC, IndusInd Bank, Yes Bank and Bharti Airtel.
Sensex had only 7 scrips that ended lower. Tata Motors tanked the most, down 3.33 followed by Tata Motors (DVR), declining by 3.18 per cent followed by HeroMotoCorp, Coal India, Power Grid, Maruti Suzuki and Axis Bank.
Post last three days fall, the Nifty began the session on a positive note and then consolidate in the range of 11,580-11,620. However, strong buying emerged in the latter half to surpass the hurdle of 11,650 and then this rallied got extended beyond 11,700 on the closing basis, said Sneha Seth, Derivatives Analyst, Angel Broking.