Meanwhile, Finance Minister Nirmala Sitharaman to hold a press conference at 1 PM. As per media reports, FM Nirmala may announce an economic stimulus package.
FM Sitharaman on Tuesday said that an economic package is under work. FM had extended the deadline for filing income tax and GST returns.
The sentiment turned bullish after the US Senate passed a $2 trillion Coronavirus disaster aid bill that is the largest economic stimulus in the history of the United States.
The S&P BSE Sensex jumped 1,519 points at 30,029 and the Nifty50 index was up 394 points or 4.74% at 8,712.
The market breadth, indicating the overall health of the market, was strong on the BSE, 1475 shares rose and 531 shares fell.