Sensex up 1,600 points, Nifty above 8,000

Indian stock markets witnessed a rally on Wednesday afternoon with the BSE Sensex rising 1,600 points.

The indices gained steadily after a largely volatile trade earlier in the day.

The Nifty50 on the National Stock Exchange also rose over 400 points to trade above the psychological mark of 8,000 points.

At 1.24 p.m., Sensex was at 28,300.55, higher by 1,626.52 points or 6.10 per cent from its previous close of 26,674.03 It had opened at 26,499.81 and so far touched an intra-day high of 28,331.22 and a low of 26,359.91.

The Nifty 50 traded at 8,234.90, higher by 433.85, higher by 5.56per cent from its previous close.

The surge in domestic markets was in line with the global indices. Asian markets rose after the the White House and Senate leaders in the US struck a major deal on Wednesday over a $2-trillion package relief to the world's largest economy amidst coronavirus pandemic.