The Sensex and the Nifty surged in trade on the back of a short covering rally and a drop in crude prices.
Leading the set of gainers was Tata Motors which surged a huge 5 per cent, following a good set of sales numbers in the UK for Jaguar Land Rover.
Other stocks that gained ground were Cipla, ICICI Bank and heavyweight HDFC. Hero Motor Corp was the top loser in trade after its results disappointed the markets. Titan too lost ground after its results failed to meet expectations.
Shares in FMCG major Hindustan Unilever surged after its margins and volumes beat expectations for the quarter ending March 31, 2015. The stock ended the day higher by 4 per cent.
Shares in Punjab National Bank fell a huge 8 per cent after its results were a huge disappointment. Allahabad Bank, however, gained ground after its results beat estimates. Syndicate Bank on the other hand was higher ahead of its results to be declared on Saturday.
Meanwhile, markets across Europe were trading with gains, especially the UK's FTSE which gained ground after a favourable election verdict.