The BSE Sensex rose over 150 points on Friday, while the Nifty gained as much as 40 points as markets look to break a four-day losing streak.
Domestic equities tracked higher Asian shares, while a pickup in buying by overseas investors boosted confidence on the Street.
FIIs bought shares worth Rs 454.5 crore on Wednesday, while domestic institutional investors also bought shares. FIIs have been the biggest driver of the current rally, but of late the momentum in FII buying has waned.
Indian markets have gained over 6 per cent year-to-date, outperforming the MSCI Emerging Markets Index, on hopes of a stable government post elections. However, there has been some correction this week as markets approach the results day on May 16.
Ambareesh Baliga, managing partner at Edelweiss Global Wealth told NDTV that markets are likely to be volatile ahead of elections results, but the outlook remains bullish.
"The best of expectations are priced in so it's time to take some profits off the table. Even after the elections, things are unlikely to change overnight," he added.
Banking stocks led the rally today, rising 1 per cent. Buying was also seen in consumer durables and healthcare stocks.
Asian Paints was the top Nifty gainer, up 2.5 per cent. BPCL, Ambuja Cements, Dr Reddy's, Cipla and HDFC were the other big gainers.
Auto stocks came under sharp selling pressure after April sales disappointed. Maruti Suzuki, whose April sales fell over 11 per cent, traded 1 per cent lower, while M&M traded 2 per cent lower. It was the top Nifty loser.
Future Retail shares gained over 7 per cent today.
As of 09.41 a.m., the Sensex traded 100 points higher at 22,518, while the Nifty was up 27 points at 6,724
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