Sensex Rebounds 690 Points; Nifty Tops 21,450

Indian shares rebounded on Wednesday after seeing a sharp sell-off in the previous session.

The benchmark S&P BSE Sensex ended a volatile session up 689.76 points, or 0.98 percent, at 71,060.31 while the broader NSE Nifty index jumped 215.15 points, or 1.01 percent, to close at 21,453.95.

Metal stocks surged, with Hindalco rallying 4.7 percent after China’s central bank announced that it would cut the amount of cash that banks must hold as reserves by 50 basis points from February 5 for the first time this year to help the economy.

Also, media reports suggested that authorities are considering a package of measures to stabilize China’s slumping stock market.

Tata Steel climbed 3.7 percent and Tech Mahindra added 2.8 percent ahead of their earnings results.

HCL Technologies, IndusInd Bank and Dr Reddy’s Laboratories rose 3-4 percent.
Zomato soared 3.9 percent after rival Swiggy increased the platform fee for a small set of users.

Among the prominent decliners, Asian Paints, Axis Bank and ICICI Bank fell 2-3 percent.