The BSE Sensex was trading at 18,970.24, up 2.17 per cent or 402.69 points, and the NSE Nifty was trading at 5,593.15, up 2.66 per cent or 145.05 points.
Improved global cues and a strong rally in the banking sector supported the benchmark indices. On the BSE, the banking index gained the most and was trading at 11,007.84, up 9.23 per cent or 930.5 points.
Other major performers were realty index up 5.15 per cent, PSU 4.56 per cent and consumer durables 4.52 per cent.
IT, TECk and healthcare indices were however trading in the red. IT index was down 2.88 per cent, followed by TECk 2.16 per cent and healthcare 0.29 per cent.
SBI, ICICI Bank, BHEL, Coal India and HDFC Bank were the top five Sensex gainers, while the top five losers were TCS, Infosys, Sesa Goa, Wipro and GAIL.
According to analysts, profit-booking and currency gaining strength contributed to the correction in IT and TECk stocks.
The rupee was trading strong by 90 paise at 66.20 against the previous close of 67.10.
Marketmen said that Rajan’s statement on monetary policy, inclusive development, financial markets, rupee, capital inflows, financial infrastructure and households have set the bar of expectations high.
Raghuram Rajan on assuming office on Wednesday said: “Any entrant to the central bank governorship probably starts at the height of their popularity. Some of the actions I take will not be popular. The governorship of the central bank is not meant to win one votes or Facebook “likes”. But I hope to do the right thing, no matter what the criticism, even while looking to learn from the criticism.”
European stocks rose for a second day and the bonds fell ahead of central bank meetings in the region.
Stoxx 50 was up 11.68 points or 0.42 per cent at 2,769.97, FTSE 100 rose 49.61 points or 0.77 per cent to 6,524.35 and DAX climbed 32.77 points or 0.4 per cent to 8,228.69.
Asian stocks were up for a sixth day and emerging market currencies strengthened as central banks from Japan to Europe review the monetary policy.
Japan's Nikkei was up 10.95 points or 0.08 per cent at 14,064.80, Hong Kong's Hang Seng surged 276.03 points or 1.24 per cent to 22,602.20 and Australia's S&P/ASX 200 was down 19.14 points or 0.37 per cent at 5,142.50.
The Bank of Japan left its monetary easing unchanged plan at the end of a two-day gathering today, ahead of policy meetings by central banks in the UK and euro zone.
The US non-farm payroll data scheduled to be released tomorrow may provide signals on whether the Fed will start tapering its asset purchases after its Beige Book survey showed consumers spent more on travel and tourism while manufacturing expanded.
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