Equity benchmark Sensex surged over 483 points on Thursday, tracking gains in IT and banking stocks as expectations of another stimulus package from the government enthused investor sentiment.
The 30-share index ended 483.53 points or 1.54 per cent higher at 31,863.08. The broader NSE Nifty advanced 126.60 points, or 1.38 per cent, to settle at 9,313.90.
Kotak Bank was the top gainer in the Sensex pack, rallying over 8 per cent, followed by TCS, Infosys, ICICI Bank, HCL Tech and ONGC.
On the other hand, Titan, HUL, PowerGrid, NTPC and Nestle India were among the laggards.
Indian markets opened on a positive note tracking mostly positive global markets as oil prices were seen rebounding after catastrophic falls a few days back amid some decline in volatility, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.
Market participants also anticipate another stimulus package from the government in the wake of the COVID-19 outbreak, he added.
International oil benchmark Brent crude futures rallied 8.64 per cent to USD 22.13 per barrel.
Bourses in Hong Kong, Tokyo and Seoul ended with gains, while Shanghai closed in the red. Stock exchanges in Europe were trading on a mixed note.
Traders said concerns over the COVID-19 pandemic kept investors cautious.
The death in India toll due to the pandemic rose to 681, while the number of cases in the country climbed to 21,393.
Global tally of the infections has crossed 26 lakh, with over 1.83 lakh deaths.
On the currency front, the rupee appreciated 62 paise to provisionally settle at 76.06 against the US dollar.