Sensex, Nifty rally over 1% as IT stocks drive broad-based market gains

Sensex and Nifty rallied over 1% on Wednesday as IT stocks led the market gains. The Nifty rose 264 points to 24,250, while the Sensex climbed 888 points to 77,654. Rajesh Palviya said, "This has fuelled investor optimism," as funds shifted toward the Indian IT sector from global chip-making stocks.