Traders said short covering ahead of the expiry of monthly derivatives on Thursday also helped, but the outlook would depend upon the flow of foreign funds who have been net sellers of $13.7 billion this year.
Most Asian stock markets except Japan rose on Wednesday fuelled by a rally in the financial sector, after an $800 billion Federal Reserve rescue package to bolster US lending, while the aftermath of BHP Billiton's dropped bid for Rio Tinto gave a boost to metals shares.
The Chinese rate cut also helped metal stocks on hopes it would boost demand. Sterlite Industries rose 12.9 per cent to 231 rupees, while Hindalco and Tata Steel firmed 2.3 per cent and 2.7 per cent respectively.
The 50-share NSE index gained 3.7 per cent to 2,752.25.
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