Stock market rally, Oct. 15 -- The Sensex and Nifty 50 surged over 2% during intraday trade, raising hopes of a sustained recovery on Dalal Street ahead of Diwali. The rally came amid improving corporate earnings, renewed interest in large-cap stocks and a sharp correction in artificial intelligence-linked equities overseas.

The 30-share Sensex jumped more than 1,500 points, or over 2%, to touch an intraday high of 74,330. Meanwhile, the Nifty 50 climbed approximately 433 points, or 1.9%, to hit the day's high of 23,056, reclaiming the psychologically important 23,000 mark.

Vinod Nair, Head of Research at Geojit Investments Limited, attributed the domestic market's strength to better technology earnings, currency stability and easing bo...