jumped 3.51 per cent as a weak Yen and upbeat industrial-production data lifted market sentiment.
"The (possibility of )tapering of QE by Fed, liquidity problem among Chinese banks and the rapid international capital flows have all caused turbulence in the global financial market," Credit Suisse said in a report.
European stock markets were, however, trading narrowly mixed. Key indices in Germany and UK moved up by 0.08 per cent to 0.18 per cent while France's CAC eased by 0.16 per cent.
Turning to the domestic market, Jindal Steel led Sensex pack by rising 7.89 per cent, followed by BHEL (6.90 pc), Tata Power (5.71 pc), Coal India (5.58 pc), Sterlite Ind (5.23 pc), Gail India (4.75 pc) and Tata Motors (4.43 pc).
Bajaj Auto (4.39 pc), HDFC (4.28 pc), Hindalco (4.07 pc), L&T (3.98 pc), RIL (3.78 pc), Bharti Airtel (3.66 pc), Tata Steel (3.61 pc), Sun Pharma (3.59 pc) and ICICI Bank (3.59pc) also saw good gains.
Talking about gas price hike, Emkay Global said: "ONGC and OIL are the biggest potential beneficiaries...in longer run, RIL would be biggest beneficiary, since it would benefit from greater commercial viability of other discoveries."
M&M (3.46 pc), HDFC Bank (3.43 pc), ONGC (2.98 pc), Dr Reddy's (2.37 pc), NTPC (2.31 pc), SBI (2.08 pc), TCS (1.99 pc) and Maruti Suzuki (1.08 pc) saw sharp to moderate rise.
Only, HUL ended down among the 30 constituents in Sensex.
Among sectoral indices, S&P BSE-Metal rose by 4.70 per cent, followed by S&P BSE-Power (4.15 pc), S&P BSE-CG (4.03 pc), S&P BSE-PSU (3.52 pc), S&P BSE-Oil&Gas (3.37 pc), S&P BSE-Bankex (3.18 pc), S&P BSE-Auto (3.11 pc), S&P BSE-Realty (3.04 pc), S&P BSE-HC (2.29 pc) and S&P BSE-Teck (1.18 pc).
Total market turnover rose to Rs 1,985.62 crore from Rs 1,647.01 crore yesterday.
Giving Nifty outlook, Rakesh Goyal, Senior Vice President, Bonanza Portfolio said: "In coming week, 5850 shall be crucial deciding level in near term, and index is likely to witness further buying above this level."