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After a firm start, the markets gained momentum with the benchmark index hovering at 18,385 points, up 4.4 per cent or 771 points in late noon deals.
In broader markets, the Nifty is moved up 4.9 per cent or 254 points. It is hovering at 5,438 levels.
The surge comes on the back of market regulator SEBI allaying concerns of overseas investors, assuring them the process of registration as FIIs will be expedited.
However, SEBI Chairman M Damodaran hinted that its proposals on curbing issuance of participatory notes for investing in stock markets would be implemented.
Sticking to the 18-month deadline of doing away with derivatives-based P-Notes, he asked sub-accounts (FII agents) to register as FIIs for participating in the Indian markets.
"I expect the markets to go up from current levels. One can accumulate stocks no a decline," said Deven Shah, technical analyst, jaldimoney.com.
"The markets seem to have bottomed out for the medium term," added Hormuz Maloo, technical analyst, Geojit Financial Services.
Leading the charge at the Sensex in noon deals on Tuesday is BHEL. The counter moved up 8.5 per cent or Rs 175. Reliance Energy, HDFC Bank, Larsen & Toubro, Bharti Airtel, NTPC, Reliance Industries and ACC are some of the other notable gainers.
Wipro and HDFC only two counters to trade weak in the BSE 30 pack. They shed 0.6 per cent and 0.3 per cent respectively.
Metals hot
All sectoral indices are trading in the green. The BSE capital goods index is the top gainer that zoomed 6.9 per cent or 1,070 points. Key gainers include BHEL, Crompton Greaves, BEML, Larsen & Toubro, Dredging Corporation, ABB, Aban Offshore and Siemens India.
Strength is also visible in realty counters. Unitech, HDIL, Akruti Nirman, DLF Limited, Parsvnath Developers, Omaxe, Mahindra Gesco, Ansal API, Peninsula Land and Sobha Developers logged smart gains.
Kotak Mahindra Bank (up 10.4 per cent), Bank of India (up 8.4 per cent), Union Bank of India (up 6.7 per cent), Punjab National Bank (up 6 per cent), Bank of Baroda (up 5.7 per cent), Yes Bank (up 5.2 per cent) and Allahabad Bank (up 4.4 per cent) gained ground in the banking space.
Jindal Steel & Power at Rs 7,170 levels flared 10.5 per cent in noon deals. Sesa Goa, Maharashtra Seamless, SAIL, Ispat Industries, Bhushan Steel, JSW Steel, Sterlite Industries and Jindal Stainless are the other key gainers among metal scrips.
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