Benchmark index Nifty rose 1.6% on October 15 to be within touching distance of the psychologically important 23,000-mark.
At 12:05 pm, the Sensex was up 1,144.44 points or 1.57% at 73,926.33, and the Nifty was up 327.25 points or 1.45% at 22,949.95. About 1,545 shares advanced, 2,221 shares declined, and 180 shares were unchanged.
Will markets go higher in short term or will they take a sharp U-turn? Here's what analysts said.
"In the coming sessions a move above last week high of 22,776 will open further pullback towards 23,000-23,100 levels. Failure to move above 22,776 will signal consolidation in the range of 22,300-22,775.
"On the higher side, index needs to start forming higher high and higher low on a sustained basis in the weekly chart and reclaim 23,100 levels being the recent breakdown area to signal a pause in the last 2 months sharp decline," said Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking.