Markets ended the day sharply higher following a good set of guidance from technology major Infosys and hopes of a solution to the US debt ceiling crisis in the US.
The Sensex ended the day higher by 255 points, while the Nifty gained 75 points in trade. Among the notable gainers in trade was Infosys which rallied 4% in trade, following a good set of guidance.
Other IT stocks joined Infosys higher with HCL Tech, Wipro and Infosys among the gainers. Banking stocks also gained ground in trade today with notable gainers being ICICI Bank, Punjab National Bank, Union Bank and Bank of Baroda.
Ranbaxy Labs continued to rally for the third successive day in a row.
Notable losers from the Nifty in trade today were Grasim, Hindalco, ITC and Lupin. Larsen and Toubro, however, had a spectacular day in trade with the stock jumping almost 4%.
Mid cap stocks were also higher in trade today with the mid cap index gaining around 0.5%. Among the gainers from the space were Crompton Greaves, MRF, Union Bank and Unitech.
Meanwhile, markets across Asia were trading higher on reports that a US debt deal would be agreed between the US House Republicans and Democrats.
The Japanese Nikkei rallied 1.15 per cent in trade, while the Seoul Composite was also up 1 per cent in trade.