The BSE benchmark Sensex jumped over 300 points in the late morning deals on Monday supported by broad-based buying.
The 50-share Nifty was trading firmly above its crucial psychological level of 8,400 led by buying in blue-chip counters like Bharti Airtel, HDFC and ITC.
Meanwhile, Federal Reserve Chair Janet Yellen signalled that the U.S. central bank will likely start raising borrowing costs later this year, even before inflation and wages have returned to health, but emphasized the return to normal interest rates will be gradual.
After the first rate increase, Yellen said, a further, gradual tightening in monetary policy will likely be warranted. If incoming data fails to support the Fed's economic forecast, the path of policy will be adjusted, she said.
Back home, buying was visible across the board. Capital goods stocks were among the top gainers on the Bombay Stock Exchange (BSE). the index was up nearly 2 per cent. FMCG, healthcare, power and realty stocks were also in the limelight.
From the Nifty-50 basket of stocks, 35 were advancing while 15 were declining.
HDFC was the top gainer among the Nifty stocks. The stock jumped 2.5 per cent to Rs 1,2974 on news reports that the mortgage lender plans to sell 10 per cent stake via IPO in insurance joint venture HDFC Standard Life.
Telecom stocks like Bharti Airtel and Idea Cellular were also trading higher by over 4 per cent each.
Asian Paints, Bharat Petroleum, Bharti Airtel, Mahindra & Mahindra, Larsen & Toubro, ITC, State Bank of India, Yes Bank, Punjab National Bank and Tata Steel were also among the gainers.
While, Tech Mahindra, Cairn India, Hindalco, Tata Power and GAIL India were among the losers.
At 11:45 a.m., the Sensex was up 256 points at 27,714 and the Nifty advanced 68 points to 8,410 levels.
(With inputs from Reuters)
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