The benchmark BSE Sensex rose by 258.77 points in late morning deals on across the spectrum buying led by utilities, capital goods, auto, power, metal, banks and financials counters.
Domestic funds got into act amid buying spree after the Reserve Bank of India (RBI) kept its policy rate steady yesterday as widely expected.
The 30-share index was trading higher by 258.77 points or 0.79 per cent at 32,855.95 at 1115hrs. The broader Nifty was trading above the key 10,100-level, up by 83.25 points or 0.83 per cent at 10,127.35.
Major gainers were NTPC 2.20 per cent, Maruti 2.16 per cent, Tata Steel 2.08 per cent, Bajaj Auto 1.95 per cent and L&T 1.66 per cent.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,217.92 crore yesterday. Domestic institutional investors (DIIs) bought equities worth a net Rs 995.11 crore.
Most Asian shares declined as US policy uncertainty kept sentiment in check. US stocks ended mixed yesterday.
-- Rupee rules flat against dollar --
The rupee is trading almost flat at 64.54 per dollar in late morning deals following mild bouts of dollar buying by importers and banks amid higher domestic equities.
The domestic unit opened higher at 64.51 per dollar as against the yesterday's closing level of 64.52 per dollar at the interbank forex market.
It witnessed see-saw momentum, hovering between a high of 64.49 and low of 64.57 per dollar during morning deals. It was quoting at 64.54 per dollar at 1130 hrs.
Globally, the US dollar was up against major rivals in early Asian trade, shaking off earlier losses versus the yen amid optimism on US tax reforms.
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