Indian benchmark, the BSE Sensex jumped almost 600 points to trade above 36,150 on Thursday afternoon led by strong buying in bluechips. The NSE Nifty50 also reclaimed 10,800.

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Both indexes surged more than a percent a day ahead of the Narendra Modi government's last budget in the 16th Lok Sabha. Investors sentiment remained buoyed as US Federal Reserve signaled a dovish stance on policy rates although the street is also focused on the interim budget on Friday, which will be presented by the interim finance minister Piyush Goyal.

While it is widely expected that the interim budget may contain tax sops and a certain package for the farm sector, there will be no Economic Survey detailing the state of the economy.

The Sensex was up by 597 points, or 1.68 percent, to 36,188 at 1.45 pm. The Nifty was trading at 10,804, higher by 153 points or 1.43 percent.

Broader markets underperformed wit the Nifty MidCap up by just 0.31 percent and the BSE MidCap higher by 0.20 percent.

Only the Nifty Media declined more than a percent among 43 sectoral indexes, while IT, energy, teck and oil & gas counters surged.

Among shares, Infosys, GAIL, Tech Mahindra, Kotak Mahindra, Axis Bank, Reliance and HDFC surged between 2 and 4 percent.

Zee Entertainment, Bajaj Finserv, HCL Technologies, ICICI Bank, Adani Ports, Yes Bank, Hero MotoCorp and Bajaj Finance, declined between half a percent and 4 percent.

Shares of Dewan Housing Finance Corporation Ltd slumped nearly 20 percent

after a report claimed that the government has ordered a probe into allegations of financial irregularities by the promoters of the company.

ICICI Bank shares erased all morning gains and were trading lower.

Meanwhile, the rupee opened stronger against the greenback on Thursday, as dollar extended losses post Fed's dovish stance on interest rates.

First Published:Jan 31, 2019 1:57 PM IST