Comments by European Central Bank President Mario Draghi that policy makers would do whatever is needed to preserve the euro saw stocks markets across the globe rallying and Indian markets following.
The BSE Sensex was trading higher by 224 points, while the NSE Nifty was up 72 points at 9.30 am IST. In Asia most of the markets gained between 1-2%, while European markets and the US markets had a stellar performance on Thursday.
Expectations heightened after Draghi's comments with markets across the globe now expecting more from the ECB's meet next week.
On the domestic bourses shares that gained sharply in trade amongst the Nifty stocks were Tata Motors, Sterlite, ICICI Bank and Hindalco. Interestingly, only Sun Pharma lost ground in early trading today.
ICICI Bank rose more than 3% ahead of its results. Analysts are expecting a jump of at least 30% in the net profits of the company.
Shares of SKS Microfinance rose sharply after Deutsche Bank bought a 9% stake in the company.