The BSE Sensex surged over 800 points tracking a rise as traders returned to the market after three days. Rise in the Asian markets also supported the domestic indices, analysts said
Healthy buying was witnessed in the banking, metal and finance stocks.
Around 10.25 a.m., Sensex was trading at 49,839.23, higher by 830.73 points or 1.70 per cent from its previous close of 49,008.50.
It opened at 49,331.68 and has so far touched an intraday high of 49,844.60 and a low of 49,331.68 points.
The Nifty50 on the National Stock Exchange was trading at 14,762.90, higher by 255.60 or 1.76 per cent from its previous close.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: "The Nifty is currently trading around a resistance patch which is 14,700-14,800. We need to get past these levels on a closing basis so that we can summarise that the short term downtrend is over for the time being."
"If we can keep above this level, we could be headed higher to 15,200-15300. If we collapse from the current levels and break 14,500 on a closing basis, there is every possibility we go down to retest the recent lows.