Mumbai, July 29 -- Key benchmark indices rallied sharply on Wednesday, with the Nifty closing above the 24,250 mark, led by strong buying in IT, metal and FMCG stocks, while broader markets also advanced. Market sentiment was buoyed by FIIs turning net buyers after four consecutive sessions of selling, easing market volatility, and optimism that the US Federal Reserve would keep interest rates unchanged at its policy meeting.

The S&P BSE Sensex soared 888.68 points or 1.16% to 77,654.60. The Nifty 50 index advanced 264.85 points or 1.10% to 24,250.20.

Infosys (up 4.32%), Bharti Airtel (up 2.32%) and HDFC Bank (up 1.75%) boosted the Nifty higher today.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index rose ...