Chinese GDP data, which came in line with estimates, cheered markets across the globe. Markets across Asia and Europe rallied as there was no shock from China in terms of GDP numbers.
The Sensex ended the day higher by 291 points, while the Nifty gained 84 points in trade. The rally today was propelled by Tata Motors and the beaten down banking names.
ICICI Bank, Axis Bank and State Bank of India saw a spectacular rally. Reliance Industries also gained ahead of its results to be declared later today. Other notable winners were heavyweight IT stocks, Infosys.
Tata Motors was the biggest gainer, jumping 4 per cent in trade as data from China remained encouraging. The biggest market for Tata Motors' JLR range is China.
Coal India, Maruti and Wipro lost ground in trade. HCL Tech, which declared results that largely met expectations, ended the little changed.
ONGC, which was down sharply in trade, recovered as crude oil prices managed to stage some recovery. The stock ended the day nearly 2 per cent higher.
OnMobile Global was up a huge 6 per cent, after reports that the company has bagged a renewal deal of ring back tones for 3 years from BSNL.
Tata Metalliks on the other hand gained after its results beat street expectations. Meanwhile, markets across Asia ended the day with gains led by the Chinese Shanghai Composite and the Hing Kong's Hang Sang. Most of Europe was also trading with gains of near 2 per cent.