The domestic benchmarks closed higher for the second straight session on Wednesday, driven by broad-based buying across sectors a day ahead of state assembly election results in five states. The market sentiment was also lifted by strong cues from European markets amid a report that Ukraine President Volodymyr Zelensky is no longer pressing for NATO membership for the country. Investors also cheered exit poll results which indicated big wins for the Bharatiya Janata Party (BJP) in Uttar Pradesh and Manipur, a majority in Uttarakhand, and a tight contest in Goa.

The BSE Sensex gained 1,223 points, or 2.3%, to close 54,647 higher. The Nifty50 settled at 16,345 levels, up 332 points or 2%.

In line with benchmark indices, the broader markets also settled in the green zone. The S&P BSE Midcap index and the BSE Smallcap index added 2.37% and 2.16%, respectively.

The overall market breadth on the BSE was positive, with 2,795 shares advancing of a total of 3,714 traded stocks. As many as 796 shares declined and 123 were unchanged.

Barring metal and power, all sectors end in green

On the sectoral front, all indices closed in green, barring metal and power sectors, while realty and auto space gained the most.

The BSE realty index emerged as the best performer among sectors for the second day with a 3.16% gain, led by Macrotech Developers, Indiabulls Real Estate, Oberoi Realty, Prestige Estates Projects, and DLF.

The realty sector was followed by the BSE auto index, which settled 2.9% higher. The best performers in the auto space were Ashok Leyland, Cummins India, Mahindra & Mahindra, TVS Motor Company, and Tata Motors.

Top gainers and losers

The top gainer on the BSE Sensex pack was Asian Paints, which ended 6.11% higher. It was followed by Reliance Industries, which surged 5.30%, Bajaj Finance Ltd. (5.08%), IndusInd Bank Ltd. (4.72%), and Mahindra & Mahindra Ltd. (4.41%), among others.

On the losing side, the state-run Power Grid Corporation of India topped the chart with a 2.05% loss. Some of the other notable losers were NTPC, Tata Steel, and Nestle India, which dropped up to 1.2%.

Asian markets mixed, European stocks extend rally

Global equity markets witnessed mixed trade on Wednesday, with major Asian shares closing mostly in red, while European shares surged in early deals amid bargain hunting in beaten-down stocks.

In the Asia-Pacific region, Japan’s Nikkei 225 ended 0.3% lower, and the Hang Seng index in Hong Kong dropped 0.67%. In mainland China, the Shenzhen Component and the Shanghai Composite fell 1.1% each.

Bucking the trend, Straits Times Index in Singapore jumped 1.48%, Taiwan Weighted index rallied 1.1%, and Indonesia’s Jakarta Composite gained 0.74%.

Thailand’s SET Composite was the biggest gainer in the region with a 1.5% gain, while Australia’s ASX 200 index ended 1% higher.

Meanwhile, European stocks rose sharply higher in early trade amid buying in beaten-down stocks. Germany’s DAX rose nearly 5%, the U.K.’s FTSE 100 index surged 2%. France’s CAC index spiked 4.9%, while Spain’s IBEX 35 rallied 3.9%.

Follow us on Facebook, Twitter, YouTube & Instagram to never miss an update from Fortune India. To buy a copy, visit Amazon.