Sigh of relief for markets as Sensex gains above 250 points, Nifty reclaims 10,500

NEW DELHI: The crack in equity markets was in for some repair in Wednesday's early trading as both Sensex and Nifty were gaining more than half a per cent.
The BSE index opened with a jump of 368 points on 34,563.30. However it pared in the next few minutes curtailing the gains to the tunes of 250 points. The broader 50-share NSE Nifty too made an impressive surge in the morning with the index trading more than 80 points above previous closing mark.
Weak global cues, re-introduction of the LTCG tax and fiscal slippage risks had caused a mayhem on the Street in the last few days with the benchmark indices finishing in the red for six straight days.On Monday and Tuesday itself, Sensex tanked by more than 1,000 points causing a loss of investor wealth worth more than Rs 9 lakh crore.
However, with Dow Jones firming up, the indices closer home clawed back today. The markets may be in for another spell of volatility later in the day when the RBI announces lending rates.
In early trade, all sectoral sub-indices were in the green. Metal stocks were gaining the most with the Nifty metal sub-index gaining more than 2 per cent.