Equity benchmark Sensex rallied 499 points on Wednesday, tracking gains in index-heavyweights HDFC twins, Reliance Industries and ITC amid a positive trend in the global markets.

After hitting a high of 35,467.23, the 30-share BSE index settled 498.65 points, or 1.43%, higher at 35,414.45.

The NSE Nifty surged 127.95 points, or 1.24%, to 10,430.05.

Axis Bank was the top gainer in the Sensex pack, soaring over 6%, followed by Bajaj Finserv, HDFC, Bajaj Finance, ITC, IndusInd Bank, SBI, ICICI Bank and Reliance Industries.

On the other hand, NTPC, Nestle India, L&T, M&M and ONGC were among the laggards.

According to traders, besides stock-specific action, local indices followed gains in global benchmarks which were largely positive on encouraging macroeconomic numbers indicating recovery in world economies.

Bourses in Shanghai and Hong Kong ended with gains, while Tokyo and Seoul closed in the red.

Stock exchanges in Europe were trading on a positive note in early deals.

International oil benchmark Brent crude futures rose 2.67% to USD 42.37 per barrel.

On the currency front, the rupee settled 9 paise lower at 75.60 against the US dollar.