Here’s the simplest explanation of what happened at the markets today

Major Indices ended with gains and closed near day's high as traders ramped up blue chip stocks ahead of earnings. Also helping sentiment on Dalal Street was a modestly higher ending in Asian markets and a flattish-to-up start on European stocks.

The Nifty added 72 points to end at 8,526, just a shade below its day's high of 8,530. Maruti, HDFC, Wipro, UltraTech and TCS were the top gainers while Yes Bank, Cairn, PNB, BPCL and Bank of Baroda lost ground. Nifty's Advance-Decline Ratio was 40:9 and the Index now faces resistance at 8,560 levels.

Tata Motors was the most active counter on the Nifty.

Meanwhile, the Sensex added 264 points to close at 28,197, up exactly 1 percent. Its Advance-Decline Ratio was 28:2 and Bajaj Auto, Sun Pharma and Tata Power were among the winners. SBI and Tata Steel were the only two stocks that lost ground.

And in the broader market, the bulls were mostly in control with 1,538 shares advancing compared with 1,283 that fell below their Tuesday's close.

Cement stocks saw a positive build up ahead of earnings with ACC, Ambuja, Grasim and UltraTech posting modest gains.

Maruti was the star of the day with the stock hitting a fresh high after Credit Suisse raised its price target on the company to `5,100 a share.

And State Bank of India slipped after BoFA ML cuts its price target on the lender to `375 from `400 while maintaining a `Buy' on the stock.

(Image credits: openmarkets)