At 3.30 pm IST, the 30-share BSE Sensex was trading at 16,751.73 up by 214.72 points or 1.28%, it touched intraday high of 17,050.32 and NSE Nifty was trading at 5116.50 up by 70.25points or 1.39%.
Asian market remained closed on account of holiday.
Among sectoral indices on BSE, most of the sectors were trading in positive terrain. Capital goods, Bankex, Metal, Auto were leading the rally.
On the National Stock Exchange (NSE), the top volume gainers were L&T, IDFC, JP Associates, Hindalco posted gains between 4.48%-5.93%
And the loser in todays trade were Grasim, Coal India, DLF, Sun Pharma, Hindustan Lever.