The benchmark indices had a spectacular session of trade, with the Sensex reclaiming the 28,000 mark and Nifty settling above 8,500, on expectations of a rate cut by the Reserve Bank of India, a glimmer of hope on the GST front and return of stability in the Chinese currency markets.

The bull surge was led by index heavyweights such as ICICI Bank, HDFC, SBI and RIL.