Equity benchmark Sensex rallied over 400 points in early trade on Wednesday led by gains in index-heavyweights Infosys, Reliance Industries and TCS amid largely positive trend in global markets.
After touching a high of 36,465.34, the 30-share BSE Sensex was trading 423.11 points, or 1.17 per cent, higher at 36,456.17.
Similarly, the NSE Nifty surged 120.15 points, or 1.13 per cent, to 10,727.50.
Shares of Infosys rallied around 3 per cent ahead of its quarterly earnings. Axis Bank, Tech Mahindra, Bajaj Finance, Tata Steel, HCL Tech and IndusInd Bank were among the other gainers.
On the other hand, Bharti Airtel, ITC and Kotak Bank were the laggards.
In the previous session, the BSE barometer ended 660.63 points or 1.80 per cent lower at 36,033.06; while the NSE Nifty closed 195.35 points or 1.81 per cent down at 10,607.35.
Foreign institutional investors were net sellers in the capital market on Tuesday, offloading equities worth Rs 1,565.62 crore, provisional exchange data showed.
According to traders, domestic benchmarks followed US equities which rallied on hopes of a COVID-19 vaccine.
Bourses in Tokyo and Seoul were trading with gains, while Shanghai and Hong Kong were in the red.
Stock exchanges on Wall Street ended on a positive note after US researchers reported that the first vaccine tested in the country revved up people's immune systems just the way scientists had hoped.
The experimental vaccine, developed by US government's top infectious disease expert Anthony Fauci's colleagues at the National Institutes of Health and Moderna Inc, will start its most important step around July 27 - a 30,000-person study to prove if the shots really are strong enough to protect against the coronavirus.
The number of cases around the world linked to the disease has crossed 1.32 crore.
In India, the number of infections spiked to 9.36 lakh, according to the health ministry.
Meanwhile, international oil benchmark Brent crude futures rose 0.44 per cent to USD 43.09 per barrel.
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