BSE Sensex up 1.23 percent, while the Nifty gains 1.18 percent. Nifty trading above 50-day moving average after breaking it on Monday.
Asian shares enjoyed their best day in 15 months on Wall Street rally, continued Fed cheer.
Unwinding of short positions continues for a second day amid global rally - dealers.
Among blue-chips, Reliance Industries
IT stocks rise after global rival Accenture Plc
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($1 = 63.5150 rupees)
(Reporting by Abhishek Vishnoi)