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Sensex, Nifty Soar Over 3% Led By Banks

Indian shares rallied on Wednesday, with benchmark indexes Sensex and the Nifty posting their biggest single-day gain of the month, as banks and financial heavyweights surged amid short-covering ahead of Thursday's F&O expiry.

Positive cues from global markets also underpinned sentiment. The benchmark S&P BSE Sensex soared 995.92 points, or 3.25 percent, to 31,605.22, while the broader NSE Nifty index ended up 285.90 points, or 3.17 percent, at 9,314.95.

Axis Bank led the gainers in the Nifty pack to surge over 14 percent amid bets on a rapid resumption of economic activity following the crippling coronavirus outbreak.

Media reports suggested that private equity major Carlyle is considering pumping in around a billion dollars in the country's third-largest private sector lender in the form of primary issuance of shares via a preferential allotment route.

ICICI Bank followed suit with a 9 percent gain, while BPCL, Kotak Bank, UPL, IndusInd Bank, HDFC Bank, Bajaj Finance, Grasim and Wipro rallied 5-7 percent.

Manappuram Finance climbed 4.8 percent after its board approved issuance of non-convertible debentures (NCDs).

Among the prominent decliners, Asian Paints, Titan Company, Zee Entertainment Enterprises, UltraTech and Sun Pharma dropped 1-2 percent.

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