A fag-end spurt in buying tracking strong global cues helped the benchmark BSE Sensex to rally by 330 points to close the day at one-and-a-half week high of 27,701.79, completing three days of gains.
The 30-share BSE index began day's trade on a positive note and a sudden spurt in buying in the last session lifted the index to 27,701.79 at close, a rise of 329.95 points or 1.21 per cent from its previous close.
The Sensex had surged by 991.66 points or 3.71 per cent in three days of gains.
The 50-issue NSE Nifty also jumped by 98.80 points or 1.20 per cent to end above 8,300-mark at 8,324.00.
"Equity markets witnessed positive momentum today tracking positive cues from global markets, rebound in oil prices and strong close on Wall Street," said Kiran Kumar Kavikondala, Director & CEO, WealthRays Securities.
Crude prices climbed to above USD 62 a barrel. Traders said there is consensus in markets worldwide about crude remaining above USD 60 for the rest of the year now.
Rally was seen across the board as all the 12 sectoral indices closed in the green between 0.13-1.48 per cent.
Metal shares were in the limelight after rise in commodity prices in overseas markets.
"The statement from Finance Minister Arun Jaitley that India could well achieve 6 per cent growth next fiscal and the vision to achieve 9-10 per cent economic growth, cheered participants in the later half.
"In addition, participants are expecting some positive news on key bills like GST and Insurance in the ongoing winter session of Parliament..." said Jayant Manglik, President, Retail Distribution, Religare Securities.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 668.85 crore on last Friday as per provisional data.
"On the domestic front, the final report of Suresh Prabhu led advisory group on developing power and coal sectors has added to reform expectations. But the insurance bill hangs in the balance as we enter the last days of Parliament's winter session," Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services.
Major gainers were M&M 4.09 per cent, Coal India 3.61 per cent, HDFC 2.80 per cent, BHEL 2.67 per cent, Gail 2.64 per cent and NTPC per cent.
