The Sensex staged a superb rally, as global markets saw a huge upswing after the Dow Jones surged 600 points following comments by US Fed President Jerome Powell that interest rates were close to neutral.
The Sensex was up 300 points in trade, while the Nifty gained 72 points in trade. Asian markets too were higher led by the Japanese Nikkei 225, which gained 0.80 percent in morning trade while the Topix index added 0.76 percent. South Korea's Kospi rose 0.82 percent.
Leading the set of gainers were banking and metal stocks. Bharti Airtel and Vedanta were the top gainers in trade. In fact, the latter rose as much as 3 per cent, after a court panel said that the grounds for the closure of Vedanta's copper smelter by Tamil Nadu government is not grievous enough to justify the permanent closure of the factory, Bloomberg reported.
Yes Bank, which crashed as much as 9 per cent yesterday, did not see any significant buying support. The stock was once again down in trade, by almost 3 per cent. Oil Marketing Companies were seeing good gains, following a further drop in crude prices.
Meanwhile, the rupee opened the day higher at 70.23 points to the dollar.