The BSE Sensex and NSE Nifty remained 1% up during early trade headed by short covering in the majority of beaten down stocks.

Scrips from bank, metal, automobile and FMCG sections witnessed buying interest in today’s session.

Index heavyweight Reliance Industries remained up by 1%.

The BSE benchmark surged 178.78 points to rule at 16,208.87, backed by 27 components.

In the meantime, the NSE benchmark surged 53.8 points to 4,912.05.

Mr. Amit Gupta, head- derivatives of ICICI Direct stated, "For intraday traders, 4,950 is going to be critical immediately. A close above that possibly may give you an indication that finally we are going to hit 5,050,” he adds.

FMCG stocks including ITC and HUL surged around 3% and over 1%, respectively.

Realty giant DLF zoomed 3%.

India's biggest lenders comprising SBI, ICICI Bank and HDFC Bank added up 1.5-2%. Housing finance firm HDFC gained 1.6%.

Telecom giant Bharti Airtel surged more than 1% and publicly owned capital goods company BHEL climbed up 1.5%.

But, scrips of BPCL declined 1.4% following profit booking.

HCL Tech, ACC, Grasim, Dr Reddy's Labs, TCS, L&T and Infosys remained marginally down.

Asian bourses also gained today after taking a beating on May 16, but the situation has not altered in the European market and the troubles in Greece still persist.