The Indian market surged to two-month high on Thursday, tracking positive global sentiments after the US Federal Reserve's comments helped boost risk appetite for equities.

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The Sensex jumped 260 points, or 0.73 percent, to 35,977 in initial trade, while the Nifty started at 10,791.80, up by nearly 63 points, or 0.59 percent. The Nifty MidCap index underperformed, trading higher by just 0.41 percent, while the BSE MidCap was up nearly 0.30 percent. The BSE LargeCap rallied 0.70 percent.

Among sectoral indexes, Nifty Metals surged 1.6 percent, leading the 38 advancing sectors. Only 5 sectors declined with IT and Telecom indexes under pressure.

Among gainers, Vedanta, Hindalco, BPCL, Bajaj Finserv, Tata Steel, Reliance Industries, Power Grid and ITC surged by up to over 3.5 percent.

Yes Bank further declined as rating agencies downgraded the stock. The stock fell more than 5 percent, leading the losers on both indexes. ONGC, HCL Technologies, Coal India, TCS, Sun Pharma dipped by up to 2 percent.

The currency market also responded positively to the Federal Reserve chairman Jerome Powell's comment that the US regulator's policy rate is now "just below" a level that neither brakes nor boosts a healthy economy. The rupee rose to a three-month high against the US dollar, opening at 70.11, after Wednesday's close of 70.62.

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