The BSE Sensex surged 290 points on Wednesday following gains in index heavyweights Reliance Industries, HDFC and ICICI Bank amid persistent foreign fund inflows.

After hitting an intra-day peak of 34,350.17, the 30-share benchmark settled 290.36 points, or 0.86 per cent, higher at 34,247.05.

Similarly, the NSE Nifty climbed 69.50 points, or 0.69 per cent, to 10,116.15.

IndusInd Bank was the top gainer in the Sensex pack, rallying around 8 per cent, followed by Kotak Bank, Reliance Industries, HDFC, Axis Bank and SBI.

On the other hand, Hero MotoCorp, Tata Steel, Bajaj Auto and ONGC were among the laggards.

On a net basis, foreign institutional investors bought equities worth Rs 490.81 crore on Tuesday, provisional exchange data showed.

Buying in financial stocks led benchmarks higher during the day, traders said.

Persistent foreign fund inflows too buoyed the market, they added.

On the global front, bourses in Shanghai and Hong Kong ended in the red, while Seoul and Tokyo settled with gains.

Stock exchanges in Europe were trading on a negative note in early deals.

Global investors are awaiting the US Federal Reserve's latest policy outcome, which will be the first since the US began to reopen and the first since Friday's blockbuster jobs report

International oil benchmark Brent crude futures tumbled 2.26 per cent to USD 40.25 per barrel.

On the currency front, the rupee settled on a flat note at 75.59 against the US dollar.