Global indices recovered in trade, boosted by comments from European Central Bank President, Mario who hinted at more stimulus measures in March.
This led to a sharp rally across US markets overnight, pushing Asian markets also higher. Almost all of the Asian markets ended sharply higher. The Chinese Shanghai Composite also recovered after having fallen in early morning trade.
Canara Bank led gainers with a huge surge of 4 5 per cent, while other notable winners were State Bank of India, Syndicate Bank and Union Bank of India, all of which jumped more than 4 per cent.
The biggest gainer from the Nifty was Gail, which jumped 7 per cent, while most metal names like Tata Steel and Hindalco notched impressive gains. Bharti Airtel and Hindustan Unilever, were among the few stocks that dropped in trade.
Shares in Indigo Airlines saw the biggest price damage with the stock ending almost 18 per cent lower. Investors remained unimpressed by the quarterly results of the company.
Meanwhile, markets across Asia ended the day sharply higher led by gains in the Hang Sang and the Japanese Nikkei.