Mumbai, Nov 29 (IANS): The market saw incredible upward momentum on Wednesday with Nifty surpassing the 20,000-mark for the first time in over two months driven by strong listing gains of ongoing IPOs and dovish statements from US Fed officials, intensifying expectations for early rate cut, said Vinod Nair, Head of Research at Geojit Financial Services.

At close on Wednesday, Nifty 50 settled at 20,096.60, up 206.90 points or 1.04 per cent, while the BSE Sensex jumped 727.70 points or 1.10 per cent to close at 66,901.91.

The India Renewable Energy Development Agency (IREDA) made a bold market entry on Wednesday by listing at a 56.25 per cent premium to the Rs 32 issue price, said Vaibhav Vidwani, Research Analyst at Bonanza Portfolio.

On the NSE and BSE, the stock began trading at Rs 50. At closing, the stock increased by 87.50 per cent to Rs 60.

With the rally continuing into its second day, the majority of Adani Group companies were in green on Wednesday. This was due to the Supreme Court delaying its decision to investigate the conglomerate on the basis of stock manipulation and fraud claims made by a US short-seller, Vidwani said.

Hero MotoCorp, M&M, Axis Bank, Wipro and Tata Motors were the top gainers on the Nifty, while ONGC, Nestle India, Eicher Motors, Adani Enterprises and Divis Lab were the top losers.

Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, said the domestic equities rallied for the second consecutive day on the back of positive global cues and gains in heavyweights. Majority of the sectors ended in green with buying seen in IT, banking, financial and auto.