Stock Market Update: Nifty tops 17,400, Sensex gains 500 points; auto, media, IT shine

The Indian markets returned to winning ways as the benchmark indices surged nearly 1 per cent ahead of the Reserve Bank of India's monetary policy decisions. The rally was driven by stocks from auto, IT, Media and private bank sectors amid mixed global cues.  

The broader Nifty50 breached 17, 400, while the Sensex gained over 500 points. Benchmark Nifty50 and the S&P BSE Sensex were trading near their day's high of 17,438.45 and 58,378.72 respectively.  

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Coal India Maruti, IndusInd Bank, IOC, Bajaj Auto, Bharti Airtel, Bajaj Finserv, HCL Tech, HDFC Bank, Titan, Tech Mahindra, Wipro, Infosys led from the front as the market surged.  

ONGC, Tata Steel, PowerGrid, ITC, SBI Life, Sun Pharma and Nestle India declined in otherwise positive market.  

All broader market indices were trading in the green, while PSU Bank and oil & gas were seen under some pressure as other sectors gained in the afternoon trade on Wednesday. 

Meanwhile, a bounce back is expected in Nifty towards 17, 777 as the 50-share index surpassed 17,300. "If Nifty holds above 17300 zones by negating lower highs, then the recent correction may be over, and a bounce could be seen towards 17500, followed by 17,777 zones. On the downside support exists at 17050 and 17000 zones," said Chandan Taparia, Vice President, Analyst-Derivatives, Motilal Oswal Financial Services Limited.