Extending its gains for the third straight session, equity benchmark Sensex rallied 790 points on Wednesday, led by gains in financial stocks amid a positive trend in global markets.

The 30-share BSE index ended 789.70 points or 1.61 per cent higher at 49,733.84.

Similarly, the broader NSE Nifty surged 211.50 points or 1.44 per cent to 14,864.55.

Bajaj Finance was the top gainer in the Sensex pack, soaring around 8 per cent, followed by IndusInd Bank, Bajaj Finserv, ICICI Bank, Kotak Bank, SBI, Bajaj Auto and HDFC Bank.

On the other hand, Nestle India, HCL Tech, L&T, Dr Reddy's and TCS were among the laggards.

"Superior Q4 results and vaccine optimism buoyed domestic markets to trade on a positive footing for the third consecutive day ahead of the US Federal Reserve interest rate decision, said Vinod Nair, Head of Research at Geojit Financial Services.

Strong buying interest was seen in banking and auto stocks with enhanced business prospects which is likely to be maintained, he added.

Further, short covering ahead of derivatives expiry also contributed recent rally, analysts said.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo ended on a positive note, while Seoul was in the red.

Bourses in Europe were trading with gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.23 per cent higher at USD 65.82 per barrel.