Benchmark indices bounced back sharply, tracking strong lead from global stocks and ahead of RBI monetary policy outcome.
The 30-share BSE Sensex was up 345.45 points or 1.05 percent at 33,364.52, and the 50-share NSE Nifty rose 112.80 points or 1.11 percent to 10,241.20.
Tata Steel, UPL, Yes Bank, Tata Motors, Bajaj Finserv, M&M, Eicher Motors, Grasim, Adani Power, Kotak Mahindra Bank, L&T, IndusInd Bank, ITC and SBI gained up to 3 percent.
Nifty Midcap index rallied 1.6 percent. Nifty IT was up 1.3 percent and PSU Bank rose 1.6 percent.
Future Consumer, Delta Corp, Edelweiss Financial, Jet Airways, Voltas, Natco Pharma, InterGlobe Aviation, Dilip Buildcon and Bhansali Engineering rallied up to 5 percent.
The Indian rupee opened higher by 12 paise at 65.03 per dollar on Thursday versus previous close of 65.15.