Snapping its three-session losing streak, benchmark BSE Sensex rallied 490 points on Wednesday as investors piled into index heavyweights Reliance Industries, HDFC duo, Infosys, ITC and ICICI Bank.

After starting on a positive note, the BSE bourse soared to a high of 39,095.35 at the fag end of the session. It finally settled 489.80 points or 1.27%, higher at 39,054.68.

The broader NSE Nifty too climbed 150.20 points or 1.30% to close at 11,726.15. It hit an intra-day high of 11,740.85.

HCL Tech and ONGC were the top gainers in the Sensex, rising up to 3.40%. IndusInd Bank, Yes Bank, Bharti Airtel, HDFC, HDFC Bank, RIL, Bajaj Finance, SBI, TCS, Infosys, ICICI Bank and ITC too rose up to 2.75%.

On the other hand, Tata Motors, Hero MotoCorp, Coal India, PowerGrid, Maruti, Axis Bank and NTPC fell up to 3.33%. According to traders, market sentiment turned positive as investors took positive cues from the US equities and easing crude oil prices.

Brent crude futures, the global oil benchmark, slipped 0.08% to USD 74.45 per barrel. On the Wall Street, the S&P 500 and Nasdaq indices ended at record highs on Tuesday amid a slew of better-than-expected earnings reports.

Elsewhere in Asia, the benchmark equity indices in Shanghai, Tokyo and Seoul ended in the red. European equities started off on a mixed note. Meanwhile, foreign institutional investors (FIIs) sold equity worth ₹237.47 crore on Tuesday, while domestic institutional investors (DIIs) purchased shares to the tune of ₹198.35 crore, provisional data available with stock exchanges showed. The Rupee, however, depreciated 21 paise to 69.83 against the US dollar in early trade.