The Bombay Stock Exchange Sensex rose by 481 points on Wednesday, settling at 25,626.75, which is the highest it has reached since January 1, reported PTI. The Indian Meteorological Department's forecast of an above-normal monsoon this year, coupled with positive macroeconomic data seems to have triggered the rise, the report said. A hike in oil prices following reports of a deal between Russian and Saudi Arabia to limit the output also contributed to the surge, it said. Banking and auto stocks came out as the biggest gainers by the time the market closed on Wednesday.

The National Stock Exchange Nifty also went up by 141.50 points, or 1.84%, before settling at 7,850.45. While IT major Wipro finished 2.89% higher at Rs 584.60, Bajaj Auto, BHEL, Maruti Suzuki, Tata Motors, Hero MotoCorp, Hindustan Unilever, Tata Steel, ITC, SBI, HDFC, RIL, Cipla, Axis Bank and HDFC Bank, went up by 4.95%. Asian and European stocks settled higher as well.