The Indian market ended higher on Wednesday, snapping a three-day losing streak, helped by banking, energy and IT stocks ahead of April F&O expiry.

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The BSE Sensex settled at 39,054, up 490 points, while the broader NSE Nifty50 ended at 11,726, adding 150 points. Nifty Midcap gained 0.8 percent while Nifty Smallcap rose 0.7 percent.

Ultratech Cement, BPCL, HCL Tech, ONGC, and IndusInd Bank were the top gainers on the Nifty while Tata Motors, HeroMoto Corp, Coal India, Maruti Suzuki and Cipla fell the most on the index.

All sectoral indices except Nifty Auto were trading in the green. Banking indices and Nifty IT rose the most, up over 1 percent each. Nifty Pharma and Nifty realty also gained 0.7 percent each.

Among gainers, IT stocks advanced on the back of a weaker rupee. HCL Tech added over 3.5 percent while Tech Mahindra, TCS, and Infosys rose between 0.6-1.6 percent.

Oil companies such as Indian Oil Corp and Oil and Natural Gas Corp surged as oil prices retreated amid signs that global markets remain adequately supplied.

Ultratech Cement rose 5 percent on robust March-quarter numbers. The company reported an over 100 percent rise year-over-year in its standalone net profit for the quarter ended March 31, boosted by strong domestic sales volume.

Meanwhile, cement maker ACC marked its worst day since October 19 as rising costs and low cement realisations disappointed during the March quarter.