Mumbai: The benchmark Sensex rallied nearly 500 points in the afternoon trade, especially ahead of Empowered Group of Ministers (EGoM) meet on fuel price revision.
Even the sharp fall in oil prices in international market and strong European cues on stability in Greece for the time being added more gains to the market.
About 46 stocks out of 50 on the Nifty were on buyers' radar. Reliance Industries, which was red since the opening trade, too started trading in the green with moderate gains. Financial, technology, infrastructure, FMCG and oil & gas companies' shares were leading the rally.
The 30-share BSE Sensex was trading at 18,224, up 497 points and the 50-share NSE Nifty jumped 146 points to 5,466. The Nifty June futures were trading with 10 points premium.
After looking at huge volume and even the options data, it seemed that not only short covering but long positions also were building up in heavyweights.
All sectoral indices were in the green, the BSE Realty, Metal, IT, Capital Goods, Bank, Auto, TECK, PSU and Power indices rallied 2-4 per cent. Even broader indices too were on the same track - the BSE Midcap Index was up 2 per cent and Smallcap up 1.8 per cent.
Among largecaps, Hero Honda, SBI, Sesa Goa, Ambuja Cements, Jaiprakash Associates, NTPC and Hindalco were the top gainers, with rising 4-6 per cent.
In the midcap space, SpiceJet shot up 17 per cent. Godfrey Phillip was up 15 per cent and Jet Airways up 13 per cent. Sobha Developer surged 11 per cent and Tecpro Systems rose 7 per cent.
However, India Cements, Himadri Chemical, MVL, Redington and SKS Microfinance fell 1-4 per cent.
On the global front, European markets were trading 1.5 per cent higher. Athex Composite jumped 2 per cent after Greece has agreed to austerity measures with EU and IMF. Dow Jones and NASDAQ futures too gained over 0.5 per cent.
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