At 09:22 am, the 30-share index was trading at 26,497, up 102.14 points, while broad-based 50-share index was quoting 8,138, up 29.15 points.
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Back home, banking stocks were leading the losses in the early trades with Nifty Bank falling almost 1 per cent. In addition, the Indian currency supported the recovery as it gained 20 paise to 67.07 during intra-day trade against the USA dollar.
“Aviation sector stocks traded firm supported by clearance of a new aviation policy given by Cabinet”, Desai pointed out.
The BSE benchmark BSE Sensex surged over 330 points Wednesday on fresh round of value buying by investors amid positive cues from other Asian markets. The broader Nifty index gained 97.75 points or 1.21 percent to regain the psychological 8,200 level.
State Bank of Bikaner and Jaipur and State Bank of Tranvancor rallied 20 per cent each to hit upper limit of Rs 599.60 and Rs 478.90, respectively.
Shares of all three listed airlines companies – Jet Airways (India), SpiceJet and InterGlobe Aviation (IndiGo) – moved higher by up to 3% on the BSE after the Union Cabinet cleared Civil Aviation Policy.
Overseas, most Asian markets reversed its morning losses to end higher despite continued jitters over the possibility the United Kingdom may opt to exit the European Union as well as concerns over the outcome of the Fed meeting.
Overseas, Europe was higher as the US Fed looked set to postpone interest rates hike as Brexit vote clouded outlook. Japan’s Nikkei index was down 1.1 percent on a stronger yen and Hong Kong’s Hang Seng index was down nearly 2 percent on worries over the possibility of the United Kingdom leaving the European Union, while losses remained capped elsewhere across the region. Asian stocks rebounded with key indices in Hong Kong, Japan and Shanghai rising up to 1.58 per cent.
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Among the S&P sectoral indices capital goods rose by 2.26 per cent followed by utilities 2.06 per cent, power 1.99 per cent, bankex 1.38 per cent, IT 1.31 per cent, finance 1.16 per cent and oil&gas 1.14 per cent.
