Sensex gains over 550 points, Nifty reclaims 10,350

New Delhi: In a rather surprising rally, markets ended in positive zone on Wednesday, with the S&P BSE Sensex reclaiming 34,400-mark amid healthy buying was seen in Banking, pharma and IT stocks.

Sentiments got a boost after the finance ministry released a statement saying that RBI's autonomy was essential but its functioning must be guided by public interest and needs of the economy.

The BSE Sensex rallied 550.92 points or 1.63 percent to 34,442.05. Similarly, Nifty surged 163.40 points or 1.85 percent to reclaim 10,350 mark.

In the Sensex pack, major gainers were HDFC, IndusInd, Infosys, Axis Bank, Yes Bank, Sun pharma, SBI, ICICI Bank, Asian Paint, M&M, TCS and L&T, gaining up to 5.78 percent. Meanwhile, Coal India, Tata Steel, Maruti, Adani Ports, Kotak Bank, PowerGrid, Bharti Airtel and Hero MotoCorp were among the top losers, falling up to 3.53 percent.

The Sensex moved 875 points, touching an intra-day high of 34,463.38 and a low of 33,587.24.