Indian equities rallied by gaining around 500 points on Wednesday (July 30) on account of favorable worldwide signals, encouraging results and sharp buying action in banking, metal, IT and oil stocks.

BSE Midcap and Smallcap index gained 1.68% and 1.41% respectively.

After opening positively at 14,007.32, up 215.78 points, the BSE Sensex soon touched the high of 14,083.80.

Asian stocks benefited except Shanghai Composite on Wednesday after Taisho Pharmaceutical Co. and Matsushita Electric Industrial Co. declared better than expected results and the crude oil prices slumped over USD 2 per barrel on July 29 to settle at 122.19 per barrel.

Finally the Sensex marked its closure after gaining 495.67 points at 14,287.21 after touching a high of 14,322.67. on the other hand, the broad-based NSE Nifty closed the day at 4,313.55, up 123.7 points, after hitting a high of 4,327.00.

The overall market breadth was confident as it saw 1,.784 progressions as compared to 857 declinations.

All sectoral Indices traded positively led by BSE Bankex, which gained 5.21%, Realty surged 5.09%, Metal profited 4.69% and IT zoomed 2.68% except FMCG, which declined 0.14%.

Major gainers in the 30-share index included HDFC and Tata Steel that climbed more than 7% each and Tata Power arose 6.92%. The other gainers were Reliance Infra, HDFC Bank, Sterlite Industries, SBI, Tata Motors and Wipro.

NTPC and ITC, which fell 4.23% and 1.11% respectively, were the only two losers at the BSE Sensex.