Shares of Manoj Vaibhav Gems N Jewellers gained as much as 4 per cent to touch the day's high of Rs 241.20. The stock ended the session at Rs 236.85, around 2.13 per cent higher than the previous close of Rs 231.90.

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"We hereby inform that the Company is going to launch a new Jewellery Store in the brand name of 'Vaibhav Jewellers' in Mancherial of Telangana on March 24," the company said in a statement.

The surge also comes on a day when benchmark equity indices Sensex and Nifty surged nearly 1 per cent in tandem with a rally in global markets after the US Fed projected three rate cuts this year.

Rising for the second day, the 30-share BSE Sensex jumped 539.50 points or 0.75 per cent to settle at 72,641.19. During the day, it zoomed 780.77 points or 1.08 per cent to 72,882.46. The NSE Nifty climbed 172.85 points or 0.79 per cent to 22,011.95.

From the Sensex basket, NTPC, Power Grid, IndusInd Bank, Tata Steel, Tata Motors, JSW Steel, Tech Mahindra and Larsen & Toubro were the biggest gainers. Bharti Airtel, Maruti, ICICI Bank and Asian Paints were the laggards.

In Asian markets, Seoul, Tokyo, and Hong Kong settled significantly higher while Shanghai ended lower. European markets were trading in positive territory.

Global oil benchmark Brent crude dipped 0.08 per cent to USD 85.88 a barrel. Foreign institutional investors offloaded equities worth Rs 2,599.19 crore on Wednesday, according to exchange data.

The 30-share BSE benchmark rebounded 89.64 points or 0.12 per cent to settle at 72,101.69 on Wednesday. The NSE Nifty climbed 21.65 points or 0.10 per cent to 21,839.10.

With PTI inputs