Nifty is trading higher by 84 points at 11,583 level while the Sensex jumped 289 points and is trading at 38,846 level in this afternoon session.
Nifty Auto gained 1.5 percent led by Hero MotoCorp which jumped over 4 percent followed by Bharat Forge, Tata Motors, Mahindra & Mahindra, Maruti Suzuki and TVS Motor Company.
Media stocks continue to surge led by DEN Networks and Dish TV which spiked 10-12 percent each followed by Zee Entertainment, Hathway Cable, Sun TV Network, PVR and Network18.
From the PSU banking space, the top gainers are Punjab National Bank, State Bank of India, Canara Bank, Union Bank of India, IDBI Bank, Bank of India and Bank of Baroda.
India VIX is plunged 7.84 percent and is trading at 12.57 levels.
The top gainers from NSE include Zee Entertainment, Hero MotoCorp, IndusInd Bank, JSW Steel and Tata Motors while the top losers are Tech Mahindra, YES Bank, Indian Oil Corporation and ICICI Bank and Titan Company.
The most active stocks with respect to volumes are Interglobe Aviation, Bajaj Finance, Indiabulls Housing Finance, YES Bank and IndusInd Bank.
270 stocks have hit 52-week low on BSE including Graphite India, HEG, Ajanta Pharma, Century Plyboards, GSK Pharma, Chennai Petro, Force Motors, GNFC and South Indian Bank among others.
935 stocks advanced and 755 declined while 395 remained unchanged on the NSE. On the BSE, 1169 stocks advanced, 1159 declined and 160 remained unchanged.