the domestic equity market ended Wednesday's highly volatile session in the positive zone, mainly on account of buying in financial counters in the fag end of the session.

Nifty Bank rallied 423 points or over 2 per cent to settle at 19,694.55 levels.

The S&P BSE Sensex ended at 31,686, up 232 points or 0.74 per cent while NSE's Nifty closed 65 points or 0.71 per cent higher at 9,270.90 levels. Volatility index, India VIX, slipped over 5 per cent to 41.28 levels.

Auto major Mahindra & Mahindra (M&M) gained over 5 per cent to Rs 387.40 and ended as the top gainer on the Sensex. Bajaj Finance (up 5 per cent), and HDFC Bank (up nearly 4 per cent) were next on the gainers' list. On the downside, ITC emerged as the top loser on the index - down around 6 per cent.

In the broader market, the S&P BSE MidCap index climbed 0.8 per cent to 11,480.58 while the S&P BSE SmallCap index ended at 10,701.31, up 0.5 per cent.

Buzzing stocks

NIIT Technologies zoomed 20 per cent to Rs 1420.50 on the BSE after the company reported a healthy 24.4 per cent year-on-year growth in earnings before interest, taxes, depreciation, and amortization (Ebitda) at Rs 198.8 crore for the quarter ended March quarter (Q4FY20). Ebitda margins improved by 91 basis points to 17.9 per cent against 17.0 per cent in year ago quarter.

Shares of oil marketing companies (OMCs) witnessed steep correction, a day after the Centre announced one of the steepest hikes in duties on petrol and diesel in the recent past, by raising it by Rs 10 and Rs 13 per litre, respectively, in a notification issued late on Tuesday.

Liquor stocks were under pressure for second straight day after some state governments hiked excise duty on liquor. United Breweries, Radico Khaitan, United Spirits, GM Breweries, Associated Alcohols & Breweries and Globus Spirits declined between 3 per cent and 7 per cent on the BSE.

Global Markets

Global shares struggled on Wednesday as mixed earnings, doubts about the easing of coronavirus lockdowns and simmering US-China tensions cast a pall over markets.

MSCI's index of global shares was trading flat. The pan-European STOXX 600 was 0.3 per cent higher, with losses in oil and gas shares weighing on the index.

Wall Street futures were positive, with E-minis for the S&P500 up 0.6 per cent.

In commodities, Oil prices rose above $31 a barrel as hopes for a recovery in demand as some countries ease coronavirus lockdowns offset a report showing a higher-than-expected rise in US inventories.