The benchmark indices shrugged off early losses and the BSE Sensex leaped 455 points, or 0.63 per cent, to end at 72,186, while the Nifty50 ended at 21,929, up 158 points or 0.72 per cent.

In the broader markets, the BSE MidCap and SmallCap indices advanced 1 per cent and 1.23 per cent , respectively.

The Nifty IT index surged 2.88 per cent led by TCS, HCL Tech, Wipro, Mphasis, and Infosys. That apart, indices of Auto, Metal, and Pharma added over 1 per cent each.

Nifty has been broadly trading within the range in an upward sloping channel. The Bank Nifty closed in the negative, however, seems to be oversold.

The positive crossover on the hourly timeframe chart suggests that the bank nifty is poised for a pullback after the recent correction.

The market opened higher despite subdued global cues except China and Hong Kong, which closed higher, and managed to extend gains as the session progressed.

Top Nifty gainers included BPCL, HDFC Life, TCS, Maruti Suzuki and HCLTech, while losers were Power Grid, IndusInd Bank, ITC, Bajaj Finserv and Britannia Industries.

On the sectoral front, auto, energy, oil and gas information technology, infra, metals and pharma rose 1-3 per cent , while banks and FMCG fell marginally by 0.1 per cent each.

On Tuesday, several stocks touched their 52-week high on the BSE including Abbott India, Akzo Nobel, Alembic, Anand Rathi, Apollo Tyres, Aster DM, Astra Microwave, Ashoka Buildcon, Bank of Maharashtra, Biocon, Bharat Forge, Bosch, BPCL, Chalet Hotels, Cummins, Dr Reddy’s, EIH, Ethos, Fino Payments, Fortis Health, Gland Pharma, Genus Power, HCLTech, HDFC AMC, Glenmark Life, Gujarat Gas, Hero MotoCorp, ICICI Lombard and IDBI Bank.

There has been insignificant development with minor alterations on a broader view of the index. However, sectoral rotation is quite evident, keeping the play in markets.

Brokerage house, Nuvama Institutional Equities, anticipates that the MPC will keep interest rates unchanged but shift its monetary stance from “withdrawal of accommodation” to “neutral” on February 8.

On Wednesday, three entities — Rashi Peripherals, Jana Small Finance Bank and Capital Small Finance Bank– are set to float their IPO to collectively mobilise around Rs 1,700 crore.