The Sensex ended the day higher by 361 points, while the Nifty ended the day higher by 101 points. Leading the set of gainers from the Nifty was Tata Motors which rallied a huge 6 per cent on a stellar financial performance for Q1 on the back of strong sales for Jaguar Land Rover.

Other gainers were from the oil and gas space with BPCL, ONGC and GAIL all rallying sharply in trade. A select few stocks ended the day weak with notable losers being Mahindra and Mahindra, Maruti Suzuki, Hindalco and IDFC.

Banking stocks were subdued in trade with the exception of HDFC Bank which gained one per cent along with parent company HDFC, which rallied a huge 5 per cent.

Shares in Wockhardt slumped following a drop in net profits for the quarter ending June 30, 2014. However, select pharma stocks like Sun and Cipla ended the day with gains. IDBI bank ended the day with gains after the bank clarified that there was no case against the company for its alleged loans to Kingfisher Airlines.

Mid cap stocks also gained ground in trade with JSW Energy and India Cements among the gainers.

Meanwhile, markets in Europe were trading flattish to marginally lower, after having recovered sharply on Monday.

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