Indian equity benchmark indices traded with robust gains on Wednesday as optimism over the reopening of economies amid easing coronavirus-induced lockdowns kept investor sentiment buoyant.

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At 12:45 pm, the Sensex rallied 463.43 points or 1.37 percent to 34,288.96, while the Nifty50 index surged 133.45 points or 1.34 percent to 10,112.55.

Rally in index heavyweights such as HDFC twins, Bajaj Finance, SBI among others lifted Nifty above 10,100 levels, the first time since March.

"The recent rally is clearly propelled by the banking space, which is a sign of strength and genuineness. Apart from this, other pockets too have contributed on this occasion along with the broader market. Hence, one should concentrate more on individual stocks; because we might see some slowness or consolidation in indices going ahead," said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.

Buying was witnessed across sectors led by Nifty PSU Bank, Nifty Financial Services, Nifty Metals, and Nifty Auto.

Broader indices Nifty Smallcap100 and Nifty Midcap100 indices were also trading 1.31 percent and 1.12 percent higher, respectively.

Britannia Industries, Bajaj Finance, ICICI Bank, M&M and Bajaj Finserv led the gains among Nifty50 constituents while Bharti Infratel, Wipro, Bharti Airtel, Hindustan Unilever and Coal India were the top losers.

Shares of Reliance Industries gained over 1 percent after its Rs 53,124 crore rights got subscribed 130 percent till June 2. The issue received applications for over 8.8 crore shares on Tuesday taking the cumulative demand to nearly 54.9 crore shares.

According to the data available on the stock exchanges, the issue subscription showed that the total bids received for RIL’s Rights shares stood at 54.9 crore overshooting the 42.26 crore shares on offer by 29.8 percent at 5:00 pm on June 2, 2020. The issue was opened for the subscription of shareholders on May 20 and closes on June 3.

IndiGo's share price rallied up to 14 percent in the morning session of Wednesday's trade after it reported better-than-expected earnings despite nationwide lockdown and rise in costs.

Shares of Britannia Industries rallied over 6 percent after it reported 26.5 percent YoY rise in Q4FY20 net profit at Rs 372.35 while revenue rose to Rs 2,867.7 crore. Volume growth was flat at 2 percent.

Meanwhile, Asian shares vaulted to a near three-month high on Wednesday as hopes of more stimulus and further easing in social restrictions around the world outweighed caution over a host of worries from the coronavirus to growing US civil unrest.

(Disclosure:

Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)

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First Published:Jun 3, 2020 9:31 AM IST