Mumbai (Maharashtra) [India], May 26 (ANI): Snapping three consecutive days of losing run the Indian stock market's benchmark Sensex closed 503 points higher on Thursday led by an over five per cent rally in Tata Steel.

The 30 stock SP BSE Sensex closed 503.27 points or 0.94 per cent higher at 54,252.53 points against its previous day's close at 53,749.26 points.

The market witnessed a volatile session. The Sensex started the day in the positive at 53,950.84 points but soon slipped into the red. The Sensex hit a low of 53,425.25 points in the intra-day. The markets witnessed strong buying support in the late afternoon session. It touched a high of 54,346.22 points in the intra-day.

The Sensex has closed in the positive for the first time in the last four trading sessions. The index had lost 303.35 points or 0.56 per cent on Wednesday.

The broader Nifty 50 of the National Stock Exchange closed 144.35 points or 0.9 per cent higher at 16,170.15 points against its previous day's close at 16,025.80 points.

The Nifty had lost 99.35 points or 0.62 per cent on Wednesday.

Tata Steel surged 5.27 per cent to Rs 1051.85. State Bank of India soared 3.26 per cent to Rs 469. HDFC Bank surged 2.96 per cent to Rs 1367.70. Axis Bank rose 2.82 per cent to Rs 683.55.

Nestle India, HDFC, ICICI Bank, TCS, Wipro and Tech Mahindra were among the other major Sensex gainers.

Only six of the 30 scrips that are part of the Sensex closed in the red. Sun Pharma rose 1.16 per cent to Rs 900.55.

The index heavyweight Reliance Industries closed 0.91 per cent down at Rs 2587.45. Hindustan Unilever, LT, Dr Reddy's Laboratories and Bajaj Finance also closed in the red. (ANI)