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BSE Sensex surged 612.21 points, or 0.86 per cent, to settle at 71,752.11, while NSE's Nifty50 index advanced 203.60 points, or 0.95 per cent, to end the session at 21,725.70.
Gold continued to trade in a tight range on Wednesday ahead of the Federal Open Market Committee (FOMC) meeting outcome scheduled later today. The bias was negative amid gains in the dollar index (DXY).
Taking cues from the price movement in the international markets, February MCX gold futures were trading at Rs 62,285 per 10 grams around 10 am and were up Rs 179 or 0.29% while the March Silver futures were trading higher by Rs 178 or 0.25% at 71,951 per kg.
Reliance Industries, along with ONGC, helped the BSE Oil & Gas index rally 4.8 per cent intraday, with technical charts turning positive on the index. RIL shares soared 6.99 per cent to hit a high of Rs 2,900 on BSE.
BSE Sensex surged 1,240.90 points, or 1.76 per cent, to settle at 71,941.57. NSE's Nifty50 index rallied 385 points, or 1.8 per cent, to end the session at 21,737.60 for the day.