At close, Sensex was up 328 points or 0.45 per cent, at 73,104 and Nifty was up 113 points or 0.51 per cent at 22,217 points.

Smallcap and Midcap stocks outperform largecap stocks. Nifty smallcap 100 index was up 325 points or 2.03 per cent at 16, 363 points and Nifty midcap 100 was up 489 points or 0.98 per cent at 50,225 points.

The India Volatility Index, India VIX was down 1.99 per cent or 0.41 points at 20.19 points.

Nifty Auto and Nifty Metal indices closed with gains of 1.83 per cent and 2.77 per cent respectively. The Nifty Energy index was also up by 1.66 per cent. However, Nifty Pharma and Nifty FMCG closed down by 0.41 per cent and 0.52 per cent respectively.

In the Sensex pack, 21 out of 30 stocks closed in the green and 9 stocks closed in the red.

M&M, L&T, JSW Steel, NTPC, and IndusInd Bank were the top five gainers. TCS, Nestle, Axis Bank, ICICI Bank, and Bajaj Finance were the top five losers.

Rupak De, Senior Technical Analyst, LKP Securities said, "The bulls propelled the index higher following a positive trading session. However, the index closed just below the lower band of the rising channel."

“The Nifty managed to close above the crucial level of 22,200; nonetheless, it needs to return within the channel to sustain momentum in the upcoming days. In the near term, a decisive move above 22,250 could propel the index towards a higher level of 22,600 in the short term. Conversely, a failure to maintain levels above 22,200 might trigger selling pressure in the market,” Rupak De said.