Sensex surges by 520 points to settle at 28,000 points, Nifty hits at 8,700

Sensex surged over 500 points to settle at 28,051 and the Nifty settled 158 points higher at 8,678. Sensex and Nifty registered biggest intra-day gain since May 25, 2015.

In the broader market, both the BSE Midcap and Smallcap indices rose between 1%-2%.

The gains in the benchmark Sensex and Nifty were led by strong buying in heavyweights such as ICICI Bank, HDFC, ITC, HDFC Bank, Infosys, Larsen & Toubro and Reliance Industries which collectively contributed nearly 350 points to the Sensex.

The overall market breadth on the BSE was bullish as 1,894 shares ended higher while 938 closed lower.