MUMBAI: Stock markets rallied for the second day in a row on Thursday with the BSE benchmark Sensex surging by 278 points on aggressive buying at lower levels, amid positive global cues.

The 30-share index of the Bombay Stock Exchange shut the shop at 16,666.40 points, up 1.70 per cent, or 278.56 points. The broader-based Nifty-50 of the National Stock Exchange climbed 1.74 per cent to close at 5,003.10.