The BSE benchmark Sensex on Wednesday snapped its six-day losing trend, gaining 273 points to reclaim the 17,000 mark on value-buying in IT, banking, realty and auto stocks amid firm global cues on the US pledge to keep its economy alive by keeping interest rates close to zero.
The Bombay Stock Exchange's bellwether index, which lost 1,455 points in the last five runs and tumbled to a 14-month low, today recovered 272.60 points and closing at 17,130.51.
The world markets cheered as the US Federal Reserve announced it would keep rates near zero for at least two years and discussed a range of policy tools to bolster the economy.
The domestic sentiment was also supported after finance minister Pranab Mukherjee exuded confidence that markets will stabilise in the next few days.
Overall, software exporters were in better form on reports of an uptrend in overseas markets. Sensex's second heaviest scrip Infosys shot up nearly three per cent, contributing the most to the Sensex rally. TCS also rose nearly two per cent.
Market leader RIL gained near one per cent, while Tata Motors that shot up over six per cent made the maximum gains on the 30-share index.
Broad-based National Stock Exchange index Nifty rose by 88.15 points to 5,161, after touching intraday high of 5,197.95.