Equity benchmark BSE Sensex surged over 645 points to close at 38,177.95 on Wednesday, propelled by gains in banking, financial and metal stocks.

After opening on a cautious note, the 30-share index gained momentum in the afternoon trade. It finally closed at 38,177.95, showing a rise of 645.97 points or 1.72 per cent.

Similarly, the 50-share NSE Nifty zoomed 186.90 points or 1.68 per cent to finish at 11,313.30.

On the Sensex chart, IndusInd Bank was the biggest gainer, spurting 5.45 per cent, followed by Bharti Airtel, ICICI Bank, SBI, M&M, Kotak Bank, Tata Steel and HDFC Bank.

On the other hand, Yes Bank was the biggest loser with 5.26 per cent decline. Other laggards were Hero Motocorp, HCL Tech, ITC, TCS, Infosys, ONGC and Bajaj Auto, falling up to 2.65 to per cent.

Stock markets were closed on Tuesday on account of 'Dussehra'.

The rupee was trading 3 paise lower at 70.98 against the US dollar (intra-day).

Brent futures, the global oil benchmark, rose 0.93 per cent to USD 87.78 per barrel.

Asian markets were mixed following concerns over the US-China trade negotiations.