Equity benchmark indices closed in the positive zone on Wednesday as Asian markets treaded cautiously ahead of the US Federal Reserve policy decision.
Oil prices, meanwhile, jumped on hopes that demand will pick up as many countries lift some of the coronavirus-related restrictions.
The BSE S&P Sensex closed 606 points or 1.89 per cent higher at 32,720 while the Nifty 50 edged higher by 172 points or 1.84 per cent at 9,553.
Except for Nifty FMCG and pharma, all sectoral indices at the National Stock Exchange were in the green with Nifty metal up by 3.7 per cent, financial service by 3.4 per cent and PSU bank by 2.5 per cent.
Among stocks, Hindalco emerged as the top gainer by moving up 7 per cent at Rs 116.40 per share while Tata Steel moved up by 3.2 per cent. Ad Ports too witnessed a handsome gain of 6.5 per cent at Rs 290.90 per unit.
Home loan lender HDFC edged higher by 6.5 per cent while HDFC Bank ticked up by 4.1 per cent. The other prominent winners were GAIL, HCL Technologies, Mahindra & Mahindra and Coal India.
However, private lenders lost. Axis Bank fell by 3.6 per cent after reporting a net loss of Rs 1,388 crore for the quarter ended March 31 due to higher provisioning amid the coronavirus pandemic.
IndusInd Bank and Kotak Mahindra Bank too traded with a negative bias along with Hindustan Lever, Nestle India, Titan, Cipla and Dr Reddy's.
Meanwhile, Asian shares were cautiously higher as investors awaited the US Federal Reserve's policy decision.
Japan's markets were closed for a public holiday but Hong Kong's Hang Seng inched up by 0.28 per cent, South Korean Kospi by 0.7 per cent and Shanghai composite by 0.44 per cent.
While the US Federal Reserve is due to issue a policy statement at the close of its two-day meeting later on Wednesday, the European Central Bank meets on Thursday.
Some experts said it is unlikely the Fed will make further major policy moves, given the scope and depth of its efforts to counter economic damage caused by the coronavirus.
( With inputs from ANI )