The S&P BSE Sensex ended 665.44 points, or 1.87 per cent, higher at 36,256.69, while the broader NSE Nifty settled at 10,830.95, up 179.15 points or 1.68 per cent from the previous close.
The gains were led by energy, IT and banking stocks. Heavy short-covering on expiry of January series futures and options (F&O) contracts too buoyed the benchmarks, analysts said.
Major advancers on the Nifty50 were Axis Bank, GAIL, Infosys, Titan and Tata Motors, which gained between 4.32 and 3.06 per cent. Forty out of 50 Nifty stocks finished on a positive note.
The Sensex moved in a range of 36,278.13-35,740.07 during the session, whereas the Nifty rose as much as 10,838.05. The index touched a low of 10,678.55.
Thursday's gain was the sharpest daily gain for the Sensex since October 29, 2018.
Axis Bank, Tata Motors, Infosys, Kotak Mahindra Bank and HDFC Bank were the top gainers on the 30-share Sensex.
Investors are bullish ahead of the Budget on Friday, said analysts.
"US Fed held interest rates and signalled that its three-year drive to tighten monetary policy may come to an end amid cloudy outlook for the US economy due to global headwinds and impasses over trade and government budget negotiations," said Viral Berawala, CIO, Essel Mutual Fund.
Key things to watch out for would be the interim budget to be presented tomorrow and progress in US-China trade talks, he said.
Private sector lender Yes Bank was the major laggard on both the benchmark indices. Shares closed 2.76 per cent lower at Rs. 194 on the NSE.
Meanwhile, the rupee depreciated marginally to 71.15 against US dollar. The benchmark Brent crude futures were trading higher at $61.55 per barrel.
On a net basis, foreign institutional investor (FIIs) bought shares worth a net of Rs. 130.25 crore on Wednesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs. 502.26 crore, provisional data available with NSE showed. (Agencies)
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