The Sensex and the Nifty surged over 1.5 per cent in the mid-session on Tuesday led by banking, realty, metal and auto stocks amid mixed European cues.
Domestic sentiment was buoyed after the RBI in its second quarter monetary policy review raised the repo rate by 25 bps to 7.75 per cent and cut the MSF rate by 25 basis points. Cut in MSF rate will bring down the cost of short-term funds for banks.
At 1.35 p.m., the 30-share BSE index Sensex was up 305.59 points (1.49 per cent) at 20,875.87 and the 50-share NSE index Nifty was up 101.95 points (1.67 per cent) at 6,203.05.
On the BSE, banking and realty stocks led the Sensex rally and were up 3.53 per cent and 2.35 per cent, respectively, followed by metal 2.27 per cent and auto 1.54 per cent.
Maruti, ICICI Bank, Tata Steel, SSLT and Hindalco were the top five Sensex gainers, while the BHEL, GAIL and NTPC were the only three losers.
Asian shares fell, paring a two-month advance, and European stock-index futures retreated as the Federal Reserve begins a two-day policy meeting.
The Fed is expected to continue its $85-billion-a-month bond-buying programme as the US economy is believed to have been affected by the shutdown caused by the standoff between its President Barack Obama and lawmakers.
A couple of data released by the US last night showed the economy sagging. Factory output in September was lower than forecast and sales of pre-owned homes slipped to a three-month low.
Stoxx 50 was down 12.46 points or 0.41 per cent at 3,022.04, FTSE 100 was up 4.48 points or 0.07 per cent at 6,725.82 and DAX was down 7.09 points or 0.08 per cent at 8,978.65.
In the Asian trade, Japan's Nikkei fell 51.13 points or 0.36 per cent to 14,344.90, Hong Kong's Hang Seng was up 4.14 points or 0.02 per cent at 22,810.70 and Australia's S&P/ASX 200 shed 25.88 points or 0.48 per cent to 5,415.53.
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