Benchmark indices ended the day sharply higher led by gains in banking and IT stocks. Markets gained despite weak cues from Europe as investors saw value in select blue chip stocks.
Banking stocks also gained ground led by State Bank of India, ICICI Bank and HDFC Bank. However, Axis Bank which had rallied significantly in the last few weeks gave up gains.
Shares in NCC lost ground after the company forecast a weakish performance in the coming financial year.
PSU banking stocks also had a good session on hopes that there would be a rate cut from the Reserve Bank of India in its forthcoming policy meet of June 2, 2015. Most of the PSU banking stocks have gained heavy ground in the last few trading sessions.
Mid cap stocks also had a good session in trade with stocks like Jubilant FoodWorks and Jain Irrigation among the gainers in trade.
Meanwhile, markets across Europe were trading with losses including the German DAX, French CAC and the UK's FTSE.