Banking stocks saw a superb rally after Q1 results from ICICI Bank cheered the markets, pushing indices sharply higher.
The Sensex ended the day higher by a huge 409 points, while the Nifty was higher by 111 points. Leading the set of gainers was shares of ICICI Bank which rallied a huge 5 per cent, followed by gains in other banking stocks like State Bank of India, Canara Bank, Punjab National Bank and Bank of India.
Other stocks that gained ground in trade was SUN TV, which rallied for the third straight day after a good set of quarterly numbers. Real estate stocks also saw some traction in trade with DLF, Unitech and Sobha Developers among the gainers.
Metal stocks continued to witness a subdued trend on worries over growth rates in China. NMDC hit a fresh 52-week low in trade and was among the few losers in trade with BPCL and Bharat Heavy.
Shares in Reliance Communications rallied after the company said that it might list its tower business.
Meanwhile, markets across Asia ended the day marginally higher, while most of Europe was trading with marginal losses.