Indian equity benchmarks on Friday rebounded after a sharp decline in the previous session. Asian shares jumped after China cut a key lending benchmark to support a slowing economy. The gains in Asia came after a late overnight rally on Wall Street fizzled out.
Trends on the Nifty Futures on Singapore Exchange (SGX Nifty) indicated a gap-up start for the domestic indices.
The 30-share BSE Sensex jumped 1,016 points or 1.92 per cent to 53,808 in early trade, while the broader NSE Nifty moved 323 points or 2.04 per cent up to trade at 16,132.
Mid- and small-cap shares were trading on a strong note as Nifty Midcap 100 surged 2.09 per cent and small-cap climbed 1.93 per cent.
All of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Nifty Metal, Nifty Auto and Nifty PSU Bank were outperforming the index by rising as much as 3.39 per cent, 2.54 per cent and 2.25 per cent, respectively.
On the stock-specific front, JSW Steel was the top gainer as the stock soared 4.51 per cent to Rs 627.25. Tata Motors, Dr Reddy's, Tata Steel and Adani Ports were also among the gainers.
The overall market breadth stood positive as 2,223 shares were advancing while 334 were declining on BSE.
All the Sensex constituents were trading with gains. On the 30-share BSE index, Tata Steel, Dr Reddy's, IndusInd Bank, SBI, Sun Pharma, Nestle India, Hindustan Unilever, Bharti Airtel, ITC, Infosys, Reliance Industries and Kotak Mahindra Bank were among the top gainers.
Also, shares of Life Insurance Corporation of India (LIC) were up 1.39 per cent at Rs 852.45 against its previous close of Rs 840.75. LIC made a tepid debut at the stock exchanges on Tuesday, listing at a discount of 8.62 per cent.
Sensex had dived 1,416 points or 2.61 per cent to close at 52,792 on Thursday, while Nifty had moved 431 points or 2.65 per cent down to settle at 15,809.