Indian equity markets witnessed a significant rally on December 2, as the Sensex surged nearly 1,000 points from its day's low and the Nifty crossed the 24,250 mark.

Key gainers included Ultratech Cement, Grasim, Apollo Hospitals, Shriram Finance, and JSW Steel, as both the Nifty and Sensex recorded their second consecutive day of gains.

The broader market also reached a one-month high, driven by strong performances in the pharma, realty, and auto sectors, despite concerns about volatility and valuations.

The recent GDP data, which showed a slowdown to its lowest level in almost two years for the July-September quarter, did not seem to bother investors.

In response to these economic indicators, India's 10- and 5-year bond yields fell to a 30-month low.

Market participants are now eagerly awaiting the Reserve Bank of India's Monetary Policy Committee meeting on December 4.

According to a poll conducted by Moneycontrol involving economists, bankers, and fund managers, it is expected that the policy rate will remain unchanged for the eleventh consecutive time due to higher-than-expected inflation.

As of 2:30 PM, the Nifty was up 0.6% at 24,273, while the Sensex climbed 0.58% to 80,265, with 2,443 shares advancing on the Bombay Stock Exchange.