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Indian equities climbed robustly on Wednesday driven by a significant upside in global cues as fears of risks in the banking sector calmed. At home, the focus has shifted towards RBI’s monetary policy and fourth-quarter earnings season. Sensex neared its 58,000 mark and Nifty 50 crossed its psychological level of 17,000. Midcap and small-cap recorded a turnaround in their performance compared to their previous losses. The broad-based rally was seen across sectoral indices.

Sensex closed at 57,960.09 up by 346.37 points or 0.6%. The benchmark did touch an intraday high of 58,124.20 in early deals.

Nifty 50 settled at 17,080.70 up by 129 points or 0.76%. The benchmark had crossed an intraday high of 17,126.15 earlier in the day.

Top gainers on Sensex were — HCL Tech, Ultratech Cement, IndusInd Bank, Bajaj Finserv, HUL, Tata Motors, Bajaj Finance, M&M, and SBI rising by 1.5% to 3%.

The top underperformers on Sensex were — Bharti Airtel, RIL, Asian Paints, and ICICI Bank. However, the downside in these stocks was limited.

In the broader market, on BSE, the Midcap and SmallCap index rose by nearly 391 points and 440 points. These two indexes underperformed in the previous two sessions of the current week. Also, BSE Sensex Next 50 soared over 530 points.

Except for subdued performance in the oil & gas sector, all other indices were in the green. Banking stocks outperformed, while auto and IT stocks also reversed the trend from bearish to bullish. Capital goods, consumer durables, and metal stocks further contributed to the upside significantly.

Bank Nifty surged over 342 points, while BSE Bankex advanced more than 479 points.