Continued buying interest in equities in a truncated week pushed the Sensex and the Nifty up over 2 per cent in the noon trade.
The Sensex was quoting at 19,821.77, up 551.71 points or 2.86 per cent and the Nifty was higher by 167.50 points or 2.95 per cent at 5,847.90 at 1.40 p.m.
The volatility index, India Vix, was at 29.31 up 2.3 per cent.
Tata Motors, L&T, Hero MotoCorp, HDFC and ITC were the top five Sensex gainers, while Dr Reddy's and GAIL were the only two losers.
All sectoral and broader indices were in the green. Among BSE sectoral indices, capital goods index rallied by 5.34 per cent, followed by auto 5.08 per cent, FMCG 4.06 per cent and consumer durables 3.66 per cent.
The market sentiment remained bullish since the RBI announced a slew of measures last week to attract capital inflows, boost economic growth and arrest the rupee’s fall.
Besides, a firm trend on other Asian bourses driven by a string of bullish global economic data as well as signs that a US-led strike on Syria could be averted also influenced the trading sentiment.
European Markets were trading in the green.
Stoxx 50 rose 33.13 points or 1.18 per cent to 2,831.44, FTSE 100 jumped 50.95 points or 0.78 per cent to 6,581.69 and DAX climbed 117.25 points or 1.42 per cent to 8,393.57.
In the Asian trade, Japan's Nikkei surged 218.13 points or 1.54 per cent to 14,423.40, Hong Kong's Hang Seng jumped 118.49 points or 0.52 per cent to 22,869.10 and Australia's S&P/ASX 200 was up 19.73 points or 0.38 per cent at 5,201.20.
US markets gained 1 per cent across the board on Monday driven by upbeat Chinese exports data.
The Dow recorded its best day in two months and closed above the 15,000 mark. The European markets closed lower weighed down by uncertainty over Syria and fears of Fed tapering.
Investors await the Chinese factory output and retail sales data, which is expected to show growth in August.
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