The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,301.16 points, closed at 17,601.71 points, up 285.53 points or 1.65 percent compared to its previous close at 17,316.18 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange also closed higher at 5,364.95 points, up 90.1 points or 1.71 percent from its previous close.
Broader markets were in the green too with the BSE 500 index ending 1.76 percent up. The BSE midcap was up 1.95 percent, while the BSE smallcap index closed 1.23 percent higher.
The market breadth was positive with 1,758 stocks advancing, 1,136 on the decline and 130 remaining unchanged.
According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors bought stocks worth $38.92 million Wednesday.
"The strength in today's markets has come as a surprise as the global cues were not very strong," said Dipen Shah of Kotak Securities.
"With the Eurozone crisis largely under control, the key external factor for indian equities is the crude price movement," added Shah. "Oil prices cooled off a bit after Saudi Arabia promised to meet shortfalls in global oil supplies."
Gainers on the Sensex included L&T, up 4.46 percent at Rs.1,348; TCS, up 3.25 percent at Rs.1,171.85; ICICI Bank, up 3.07 percent at Rs.935.40 and SBI, up 2.26 percent at Rs.2,233.55.
Major losers included Hindalco, down 1.01 percent at Rs.137.25; ONGC, down 0.35 percent at Rs.271.30; ITC, down 0.18 percent at Rs.222.90 and Sun Pharma, down 0.17 percent at Rs.568.15.
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