Extending its gains for the second session, market benchmark Sensex rallied 350 points on Wednesday, propelled by HUL, ICICI Bank, Kotak Bank, RIL and HDFC Bank amid a positive trend in global equities.

The 30-share BSE gauge settled 349.76 points, or 0.85%, higher at 41,565.90. It hit an intra-day high of 41,671.86.

Similarly, the broader NSE Nifty jumped 93.30 points, or 0.77%, to 12,201.20.

HUL was the top gainer in the Sensex pack, rallying 5%, followed by Kotak Bank, Nestle India, ICICI Bank, Mahindra and Mahindra, Asian Paints and RIL.

On the other hand, SBI, IndusInd Bank, Sun Pharma, Ultratech Cement, PowerGrid and NTPC fell up to 1.34%.

Domestic equities took positive cues from global markets that remained on firm footing despite concerns over the coronavirus outbreak, traders said.

Investors were also awaiting inflation and factory output data, scheduled for release later in the day, they added.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul settled with gains. Stock exchanges in Europe also opened on a positive note.

Meanwhile, Brent crude oil futures rose 2.20% to $55.20 per barrel.

On the currency front, the Indian rupee depreciated 4 paise to 71.32 per US dollar (intra-day).