The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 24,529 level, a premium of nearly 156 points from the Nifty futures’ previous close.

Among sectors, except IT, all other indices ended in the red with media, metal, PSU, telecom, power, oil & gas, realty down 2-3 percent. BSE Midcap and smallcap indices shed 2.5 percent each. Axis Bank,

Overnight rally in US markets: This shot up the US markets, whose effect can be seen on Asian indices as well. The Dow Jones Industrial Average jumped 1,016.57 points, or 2.66%, to close at 39,186.98. The S&P 500 advanced 2.51% to settle at 5,287.76, while the Nasdaq Composite gained 2.71% to finish at 16,300.42.