BSE flagship Sensex climbed 1,073 points or 2.16 per cent to 50,824.71 while NSE Nifty advanced 293 points to reclaim the 15,000 level.
“I think it has to do with expiry. A lot of transitions may have gotten stuck, because of the glitch. So now, they may have taken a call to square their position today itself, rather than waiting, fueling a buying,” said Vinod Nair, Head of Research at Geojit Financial Services.
There is no particular fundamental reason for the market to rally this much, he added.
Massive buying was seen in banking counters, led by HDFC Bank, Axis Bank and ICICI Bank that rose 4-5 per cent. Bajaj Finance, HDFC and SBI were other major gainers among largecap stocks.
Broader market indices also rose, but underperformed their headline peers. Nifty Midcap added 1.03 per cent while Nifty Smallcap climbed 0.97 per cent. India VIX tumbled 6 percent to 23.63.
“What a massive rig up in the markets by opening it for a short period for time. Not healthy, totally inverse to all other Emerging Markets. NSE closure and then opening for a restricted time a day before F&O expiry needs proper investigation,” demanded Sandip Sabharwal, an independent market analyst in a tweet.
