Indian equity benchmarks rallied on Thursday, with the Nifty50 and Sensex climbing 1.5 percent each, supported by strong buying in auto, IT, private banks and Reliance Industries, after Jio Platforms IPO announcement.

Amid weak global markets, the Indian markets started on subdued notes but gained the pace as the day progress with Nifty closing at 23,000 and Sensex ending near day’s high.

At close, the Sensex was up 1,533.72 points or 2.11 percent at 74,315.61, and the Nifty was up 374.65 points or 1.66 percent at 22,997.35.

The broader markets underperformed the benchmark indices, with the Nifty Midcap index declining 0.5 percent and the Nifty Smallcap index falling 1.3 percent.

Biggest Nifty gainers were Tech Mahindra, ICICI Bank, Bharti Airtel, HCL Technologies, Reliance Industries, while losers included Nestle India, Trent, Adani Enterprises, Shriram Finance and L&T.

On the sectoral front, auto, IT, Infra, Oil & Gas, Private Bank and Realty up more than 1-1.8%, while Media and PSU Bank indices down over 1% each.

Among individual stocks, Yes Bank share plunged 14% after Supreme Court rejected Rs 8,415-crore additional tier-1 (AT-1) bond write-off.. IDBI Bank shares fell 8 percent after Fairfax Financial Holdings-backed Canada Inc. emerged as a potential stakeholder in the bank. HDB Financial Services declined 7 percent despite reporting a profit in Q2.

Bajaj Consumer Care shares dropped more than 10 percent despite posting a profit in Q2, while CEAT slipped over 4 percent after reporting a 39.8 percent rise in profit.

Among other stocks, Aeroflex Industries shed 10 percent after announcing a capacity expansion programme, while MRPL fell nearly 6 percent despite reporting a 203 percent year-on-year surge in Q2 profit.

Cemindia Projects gained 5 percent following the launch of QOP, while NIIT rose 1.2 percent after appointing Anish Sarkar as its Chief Executive Officer. Hathway Cable declined 6.7 percent after reporting a fall in Q2 profit.

The Indian rupee extended its gains for the fifth consecutive session on Thursday, closing 10 paise higher at 95.05 per dollar compared with the previous close of 95.15.