Mumbai;Market benchmark Sensex surged by 412 points in late morning deals on value-buying in most of the sectors led by metals, banks, auto, oil&gas, consumer durables and healthcare sectors on the back of higher Asian cues.
Overnight gains in US stocks and rise in crude oil also lifted market mood.
The BSE Sensex opened higher at 24,122.06 and traded between 24,375.07 and 24,120.04, before quoting 24,374.26 at 1100 hours, up 412.05 points or 1.72 per cent.
The NSE Nifty was also trading well above 7,300-level, higher by 121.40 points or 1.67 per cent to 7,398.20.
Major gainers were GAIL up 6.39 per cent, SBI 4.48 per cent, Axis Bank 4.12 per cent, NTPC 3.84 per cent, Tata Steel 3.69 per cent, Tata Motors 3.58 per cent, Maruti 3.34 per cent and Coal India 3.07 per cent.
Meanwhile, foreign portfolio investors sold shares worth Rs 1,747.23 crore yesterday, as per provisional data.
Overseas, Asian were trading higher tracking overnight gains in the US.
Wall Street closed higher after a hint of more monetary easing by the European Central Bank (ECB) and a rebound in crude oil prices.