The Sensex gained a huge 305 points, while the Nifty was up 90 points in trade, Leading the set of gainers from the Nifty was Hindalco and State Bank of India.
Bhel jumped a huge 4 per cent after the company received a Rs 7,800 crore EPC order from Tamil Nadu Generation & Distribution Corporation.
In fact, most of the metal stocks saw solid buying interest with Jindal Steel, Hindalco and Tata Steel among the winners.
Shares in Infosys gained ground ahead of its results to be declared later on Friday. Other software stocks like TCS and Wipro also gained ground.
Shares in Ramco Systems also rallied after the company bagged order worth over $3 million for period of 5 years.
Mid cap stocks were also having a good trading session with notable winners being India Cements and Voltas.
Nifty stocks that were having a weakish session in trade were ITC and Hindustan Unilever. Meanwhile, markets in Asia also rallied following hopes that interest rates in the US maybe on hole for sometime.