Here are 10 things to know about the big gain in the markets today:
The Sensex rose as much as 2,566.7 points to touch 30,157.65 at the strongest level of the session in late afternoon deals, before trimming some of those gains by the end of the session. The Nifty climbed to as high as 8,819.40 during the day, compared to its previous close of 8,083.80.
All of the 50 shares in the Nifty basket finished the day in the positive territory. IndusInd Bank, Axis Bank, Grasim, Dr Reddy's, Hindustan Unilever and Mahindra & Mahindra - ending between 13.64 per cent and 25 per cent each - were the top percentage gainers.
Gains were broad-based as all sectors on stock exchanges BSE and NSE clocked gains. Out of the 11 sectoral gauges on the NSE, three clocked double-digit percentage gains: the Nifty Bank (10.42 per cent), the Nifty Private Bank (11.07 per cent) and the Nifty Pharma (10.43 per cent).
Market breadth was extremely positive with an advance-decline ratio of almost 5:1, as 1,843 stocks rose on the NSE against 539 that declined. On the BSE, 1,514 stocks advanced while 331 declined.
Hindustan Unilever became the country's third most valued company after Reliance Industries and TCS, as its market capitalisation surpassed over Rs 5 lakh crore for the first time ever.
Reliance Industries (up 11.89 per cent), HDFC Bank (10.18 per cent), ICICI Bank (13.82 per cent) and Infosys (9.51 per cent) together accounted for a gain of more than 1,150 points in the Sensex.
In a reprieve for market participants, the NSE's India VIX index - which gauges the expectation of volatility in the near term - corrected 5.86 per cent, having declined as much as 9.69 per cent earlier. Though analysts say volatility can resurface in the near term as investors assess the impact of the coronavirus pandemic on global economy.
"There is some respite as the curve has started flattening and it looks like that has given confidence to the investors globally," Anita Gandhi, director at Arihant Capital, told NDTV. "The speed of recovery gives feeling that near-term bottom is already in place, though volatility cannot be ruled out," she added.
Stocks of drug makers spiked after the government eased curbs on exports of 24 active pharmaceutical ingredients (APIs) and their formulations, permitting limited exports of anti-malaria drug hydroxychloroquine. US President Donald Trump has touted the drug as a potential weapon in the fight against the coronavirus. The Nifty Pharma index - comprising stocks of 10 major drug makers in the country - rose as much as 10.84 per cent during the session in its biggest percentage gain since January 2011.
World markets rose for a second day and added to the cheer in domestic equities, as investors saw signs of progress against the coronavirus in both Europe and the US. Globally, deaths from COVID-19 have surpassed 74,000, with over 1.3 million cases. In India, the death toll due to novel coronavirus rose to 114, and the number of cases climbed to 4,421.
(With inputs from agencies)