The Bombay Stock Exchange benchmark Sensex surged by over 490 points at midsession on Wednesday on the back of buying by funds in heavyweight stocks available at attractive levels and positive cues from global markets.
The BSE-30 share index, Sensex, which had lost 557.57 points on Tuesday, bounced back by 490.40 points to 14,281.94 with almost all index-related stocks trading higher.
Similarly, the wide-based National Stock Exchange's Nifty gained 130 points to 4,319.85.
Stock brokers said firm trends in global markets after fall in crude oil prices, influenced the sentiments in Mumbai. The Hong Kong's Hang Seng index rose over 450 points.
The BSE Sensex had plunged by over 557 points on Tuesday, the biggest fall in nearly 15 days, with banking stocks suffering the most after the Reserve Bank announced further tightening of money supply by raising key interest rates, Repo rate by 50 bps and CRR by 25 bps respectively.