Sensex, Nifty rallied sharply in trade as the US Federal Reserve said it can be patient on interest rates further pushing the prospects of interest rate hikes in the US.
The Sensex ended the day higher by 416 points, while the Nifty rallied 129 points in trade. Leading the pack of gainers were the high beta metal names including the likes of Hindalco, Jindal Steel and Sesa Sterlite. Other stocks that rallied in trade were Gail, Maruti Suzuki and NTPC.
Shares in Transformers & Rectifiers also ended sharply higher after the company entered into tech agreement with Fuji Electrical Co.
Jain Irrigation shares gained ground after reports that its processed food exports were set to cross Rs 600 crore.
Mid cap stocks also saw a sharp rally with stocks like AB Nouvo, India Cements and IGL. Shares in oil marketing companies were back in the limelight with HPCL rallying a huge 5 per cent.
Meanwhile, markets across Europe and Asia rallied on US Fed statement. European shares were up anywhere between 1-2 per cent, while most of Asia also ended sharply higher.