At close, the Sensex was up 975.62 points or 1.97% at 50,540.48, and the Nifty was up 269.30 points or 1.81% at 15,175.30 after India's largest public sector bank, State Bank of India, reported a healthy quarterly show and also supported by a rally in other financial stocks.SBI was the top gainer on the Sensex, up 5 percent, while IndusInd Bank, HDFC Bank, ICICI Bank, Axis Bank, HDFC, and Kotak Mahindra Bank were the other top gainers. On the downside, Dr Reddy's Labs and Power Grid on the Sensex, and Eicher Motors, Indian Oil Corporation, Grasim, and SBI Life on the Nifty were the only laggards. About 1909 shares have advanced, 1140 shares declined, and 157 shares are unchanged. Financial indices -- Nifty Bank, Private Bank, PSU Bank, and Financial Services gained between 3-3.5 percent. Meanwhile, all other sectoral indices settled up to 1 percent higher. The S&P BSE MidCap and SmallCap indices gained 0.8 percent and 0.65 per cent higher, respectively.