Equity benchmark indices gained about 1 per cent during early hours on Thursday on the back of positive global cues with private banks leading the pack.
At 10:15 am, the BSE S&P Sensex was up by 362 points or 1.15 per cent at 31,967 while the Nifty 50 edged higher by 99 points or 1.06 per cent at 9,414.
Sectoral indices at the National Stock Exchange were mixed with Nifty private bank up by 3.1 per cent, financial service by 2.6 per cent and auto by 1.3 per cent. But Nifty IT, pharma and FMCG were down with thin margins.
Among stocks, private banks were on a high with IndusInd Bank up by 4.3 per cent at Rs 384.95, Axis Bank by 4.1 per cent, ICICI Bank by 3.2 per cent and HDFC Bank by 2.7 per cent.
The other prominent gainers were L&T, HDFC, Tata Motors, Tata Steel and Eicher Motors. However, IT stocks lay low with Infosys down by 1.2 per cent, HCL Technologies by 1 per cent, Wipro by 0.9 per cent, Tata Consultancy Services by 0.8 per cent and Tech Mahindra by 0.6 per cent.
Meanwhile, Asian shares and US stock futures rose as growing optimism about the economic recovery from coronavirus pandemic overcome concerns about a standoff between the United States and China over Hong Kong.
MSCI's broadest index of Asia Pacific shares outside Japan was up by 0.5 per cent while Japan's Nikkei stock index rose by 1.28 per cent to the highest since early March.
( With inputs from ANI )