Domestic equity benchmark BSE Sensex jumped over 300 points while Nifty rose by over 80 points to cross 11,500-mark in the afternoon trade on Thursday.
The 30-share index gained 309.10 points, or 0.80 percent, higher at 38,866.14 at around 2.30 pm. Similarly, the broader Nifty rose 89.80 points, or 0.78 percent, to 11,588.70.
Top gainers in the Sensex pack included Hero MotoCorp, Tata Motors, IndusInd, SBI, Vedanta, M&M, Maruti, Kotak Bank, HDFC, rising up to 4 percent.
On the other hand, HCL Tech, TCS, Axis Bank, ICICI Bank and Yes Bank fell up to 1.34 percent.
In the morning session, Sensex had surged over 200 points and both the indices maintained the upward trend till late in the afternoon.
In the previous session, the 30-share gauge settled 173.78 points or 0.45 percent lower at 38,557.04; and the Nifty ended 57 points, or 0.49 percent, lower at 11,498.90.
On a net basis, foreign institutional investors sold equities worth Rs 604.94 crore, while domestic institutional investors purchased shares to the tune of Rs 667.40 crore, provisional data available with stock exchanges showed Wednesday.
Domestic equities rebounded amid positive cues from Asian and US equities that got a boost after US Fed chair's congressional testimony.
According to reports, Powell reignited hopes of a US interest rate cut later this month.
In his testimony on Wednesday, Powell confirmed that the US economy was still under threat of a slowdown, and that the Fed was ready to “act as appropriate", reports said.
Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading significantly higher in their respective early sessions. Meanwhile, bourses on Wall Street too ended higher after hitting record intra-day highs on Wednesday.
Meanwhile, the Indian rupee appreciated 26 paise to 68.31 against the US dollar.
The global oil benchmark Brent crude futures were trading 0.39 per cent higher at 67.27 per barrel.
Updated Date: Jul 11, 2019 15:18:01 IST