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The Sensex, which rose 183 points in the previous day's trading, surged further by 412.86 points to 8,756.61, the most remarkable rise since January 27, as financial stocks gained significant ground after Bank of America said "it's profitable". The key index tested a high of 8,793.21 points.
The broad-based National Stock Exchange index Nifty also rose by 101.80 points at 2,719.25, after touching the day's high of 2,726.15 points.
The banking index lent support to the market by gaining 5.85 per cent to 3,973.85 as ICICI Bank, the second-biggest bank, surged for a second day, at more than 8.60 per cent.
State Bank of India climbed 4.63 per cent.
Trading sentiment in the banking sector was bolstered after Asian financial stocks saw their best week since December 19 as Bank of America joined JPMorgan Chase and Citigroup in saying it was profitable in January and February, triggering a worldwide rally.
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