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 $ 62 a barrel. Traders said there is consensus in markets worldwide about crude remaining above $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.