The BSE Sensex was trading 503.66 points or 0.85 percent higher at 59,644 and NSE Nifty 50 was also trading high at 150.95 points or 0.86 percent to 17,780.
Apart from Nifty Media and Nifty Metal, all the sectoral indices were trading in gains and Bank Nifty breached to cross the crucial 38,000-mark.
Tata Steel fallingl by 2.68 percent, followed UltraTech Cement and Sun Pharma were the only losers on the Sensex .
Bajaj Finserv is the top Sensex gainer, rising 4.15 percent, followed by ITC, Bajaj Finance, Tata Consultancy Services (TCS), Bharti Airtel, SBI, Housing Development Finance Corporation (HDFC), Titan Company and Reliance Industries Ltd.
In the international market, the Asian benchmarks, bourses in Tokyo, Seoul and Hong Kong were trading in the positive territory in mid-session deals, Shanghai was trading in losses.