It is classic macroeconomic theory to expect the government to come forward with fiscal stimulus during times of economic weakness, said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.
BSE benchmark Sensex zoomed over 650 points while the NSE Nifty reclaimed the 10,800 mark on value buying in banking, auto, pharma, IT and FMCG stocks, ahead of the Budget.
On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 130.25 crore Wednesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 502.26 crore.
After gyrating over 350 points, the benchmark BSE Sensex Tuesday ended 64.20 points lower at 35,592 on mixed cues from global markets amid fresh concerns over US-China trade tiff. The NSE Nifty also edged lower by over 9 points to close at 10,652.
The gauge had lost about 169 points in the previous session. Besides weak corporate earnings for the third quarter, brokers said, uncertainties over the high-level trade talks between the US and China impacted the investors' sentiment.
Brokers said, besides persistent buying by domestic institutional investors (DIIs), a firm trend at other Asian bourses, following gains in US technology stocks influenced sentiments here.
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During the session, the BSE benchmark Sensex swung over 260 points both ways on alternate bouts of buying and selling by participants. A significant gain in shares of Reliance Industries, Yes Bank, ITC were seen.
The 30-share index gained 28.27 points, or 0.08 per cent, at 36,136.74 after rising to 36,1789.36 at the outset. It also slipped below the 36,000-mark to touch a low of 35,996.68 in early trade.
Traders said market remained range-bound for the better part of the session as investors kept their exposure at a low ebb due to weak global cues.