Nifty up over 1 percent to trade above 50-day moving average

BSE Sensex up 1.23 percent, while the Nifty gains 1.18 percent. Nifty trading above 50-day moving average after breaking it on Monday.

Asian shares enjoyed their best day in 15 months on Wall Street rally, continued Fed cheer.

Unwinding of short positions continues for a second day amid global rally - dealers.

Among blue-chips, Reliance Industries gains 2.7 percent and ICICI Bank up 2.6 percent.

IT stocks rise after global rival Accenture Plc raises revenue outlook.

Tata Consultancy Services gains 1.7 percent while Infosys is up 1.4 percent

($1 = 63.5150 rupees)

(Reporting by Abhishek Vishnoi)