Reuters Market Eye - Local shares rise for a second day, with the BSE Sensex gaining 1.94 percent and the 50-share Nifty up 1.98 percent.
Both indexes are trading above their 200-day moving averages for the first time since April 4.
The sharp declines in crude and gold prices are expected to help narrow India's current account deficit, dealers say.
Slowing wholesale price inflation could also spur the central bank to cut interest rates at its policy review on May 3, dealers add.
Mortgage lender Housing Development Finance Corp Ltd gains 3.61 percent, while ICICI Bank Ltd is up 3.21 percent.
Shares of Tata Power Co Ltd gain 2.45 percent after India's central electricity regulator allowed the company to raise electricity tariffs on a temporary basis at its Mundra power plant in western India.
(Reporting by Abhishek Vishnoi)
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