At 9.56 am, the Sensex is up 302 points at 17590, and the Nifty is up 85 points at 5259.
ICICI Bank, Satyam, DLF, Unitech, Tata Motors are among major gainers.
Fertiliser stocks like Chambal Fertilisers and Nagarjuna Fertilisers are trading with over 3% gain.
Asian Markets:
Asian markets were trading higher. Japan's Nikkei was up 1.80% or 247.54 points at 14,014.40. Hong Kong's Hang Seng surged 2.15% or 554.65 points at 26,310. Taiwan's Taiwan Weighted advanced .072% or 64.42 points at 8,984.34. Singapore's Straits Times rose 2.43% or 76.34 points at 3,224.13.South Korea's Seoul Composite gained 1.11% or 20.33 points at 1,845.80.
US Markets:
Fed's 25 basis point cut doesn't keep Wall Street jittery for too long. Stocks on yesterday rise to the highest level since January after a rally in dollar and strong technology earnings. The Dow gained 189.87 points, or 1.48%, to 13,010. The Standard & Poor's 500 index advanced 23.75 points, or 1.71%, to 1,409.34. The Nasdaq composite index surged 67.91 points, or 2.81%, to 2,480.71.
Market cues:
* Inflation data to be released today
* DJ poll indicates inflation at 7.42% for week ended April 19
* FIIs net buy $85.6 mn in equity on Apr 29
* MFs net buy Rs 381.5 cr in equity on Apr 29
* NSE F&O Open Int up by Rs 2318 crore at Rs 63175 crore