The stock market on Wednesday erased the previous session losses with the indices bouncing back as the Nifty finished above 26,000, led by IT and financials.

At close, the Sensex was up 513.45 points or 0.61% at 85,186.47, while the Nifty was up 142.60 points or 0.55% at 26,052.65.

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Broader indices remained mixed, with the BSE Midcap index rising 0.3%, while the Smallcap index fell 0.4%.

Among the sectors, the Nifty IT index spiked 2.9%. It was followed by the Nifty PSU Bank index, which was up 1.16%.

Nifty Bank continued hitting fresh record highs on the third consecutive session, touching a new high of 59,264.25, finishing with 0.54% gains at 59,216.05.

Nifty Healthcare was up 0.46%, Nifty Consumer Durables up by 0.36%, Nifty Private Bank up by 0.28%, Nifty Financial S

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