Equity benchmark BSE Sensex ended 637 points up on Wednesday, on the back of gains in banking stocks ahead of Finance Minister Nirmala Sitharaman’s press conference to unveil provisions of the Rs 20 lakh crore stimulus package announced by the government.

Prime Minister Narendra Modi’s announcement of the massive economic stimulus to jump start the coronavirus-hit economy boosted domestic investors’ sentiment.

After rallying 1,474.36 points during the day, the 30-share index surrendered some early gains to settle 637.49 points or 2.03 per cent higher at 32,008.61. Similarly, the NSE Nifty jumped 187 points, or 2.03 per cent, to finish at 9,383.55.

Among the Sensex pack, Axis Bank was the top gainer, surging around 7 per cent, followed by Ultratech Cement, L&T, ICICI Bank, SBI, M&M and Bajaj Finance.

On the other hand, Nestle India, Sun Pharma, Bharti Airtel and HUL ended in the red.

The prime minister during his announcement made on Tuesday said that the financial package will also include previously announced measures by the government as well the RBI.

On the currency front, the rupee appreciated by 5 paise to provisionally close at 75.46 against the US dollar.

Meanwhile, bourses in Shanghai and Seoul ended with gains, while Hong Kong and Tokyo closed in the red.

Stock exchanges in Europe started off with significant losses.

International oil benchmark Brent crude futures slipped 1.30 per cent to USD 29.59 per barrel.