Improvements in the labour market has triggered this sentiment.
She will replace Ben Bernanke as the Chair of the Federal Reserve.
Yellen, 74, was confirmed by the Senate in a broad bipartisan support of 84-15 votes on Monday. Both the Democratic and the Republican parties have 50 members in the 100-seat Senate.
US President Barack Obama has nominated Janet Yellen to head the Federal Reserve Board, describing her as one of America's "foremost economists and policy makers".
Ukraine fears weighed on sentiment, with Russia rejecting a peace proposal amidst civil war-like situation in the former Soviet union republic.
The local currency had gained 7 paise to close at 66.57 in Monday's trade.
Bajaj Finserv was the top gainer in the Sensex pack, rallying around 7 per cent, followed by Bajaj Finance, HDFC, L&T, ICICI Bank, Sun Pharma and NTPC. On the other hand, Tech Mahindra, ITC and M&M were the laggards.
Forex dealers said besides dollar's gains against other currencies overseas, increased demand from oil importers for the US currency put pressure on the rupee.
Janet Yellen is guiding the Federal Reserve towards its first rate rise in a decade armed with traditional economic models that some economists worry could fail her in a world of massive money printing and near zero rates.
Domestic shares and other global markets rose on upbeat trade data from China earlier in the day and after a US House deal extending the federal borrowing authority.
The market breadth was firm. Out of 2,933 stocks traded , 1,685 stocks advanced compared to 1,136 declined on BSE.
The rupee surged to its highest level in five weeks to end at 65.58 by gaining 38 paise against the US currency.
Federal Reserve Chair Janet Yellen on Wednesday pointed to a possible December interest rate "liftoff" but said rates would rise only slowly from then on to nurture the U.S. economic recovery.
Sharp swings likely in equity, forex and bond markets.
The nomination would put Yellen on course to be the first woman to lead the institution.
Reflecting nervousness over the prospect of the Federal Reserve tightening policy and event risk, traders stayed on the sidelines
Covering-up of short positions ahead of Thursday's expiry of August series in the derivatives segment gave equities a slight push
Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.8%-1%.
The rupee bounced back by 26 paise to end at 59.93 against the American currency on Friday as exporters and some banks sold dollars.
Foreign funds sold Indian shares worth 446.9 million rupees ($7.4 million) on Wednesday, provisional exchange data showed, marking the third consecutive session of outflows.
Tata Motors was the top gainer on better-than-expected June quarter revenues
'Industrial countries are still struggling, with a few exceptions, to grow and the uncertainty about growth in the US as well the world is probably what impelled the Fed to stay on hold.'
The Fed made clear that the rate hike was a tentative beginning to a "gradual" tightening cycle
Fed rate hike 'makes sense,' says US reserve bank president.
"I probably wouldn't do much," Buffett said when asked what he would do if he ran the Fed.
As Indians scrambled to exchange the banned notes for new currency, Paytm, Sharma's digital payments startup, went on a promotional spree, inviting Indians to start using Paytm's digital wallet to pay for everyday goods and services.
Total holdings of the top eight gold ETFs have risen by 3.8 million ounces so far this year
Spot gold fell as far as $1,142.10 an ounce on Thursday, its lowest since November 2014.
Rupee down 13 paise to 66.72 against dollar
Yellen is currently Vice Chairman of the Board of Governors of the Federal Reserve System.
A smart rebound in the stock market and sustained capital inflows restricted the rupee loss
A stronger dollar makes oil more expensive because it raises the cost for imports for most of the world's countries
A firming trend in domestic stock markets, however, capped the rupee fall to some extent
The rupee fell to more than one-month low of 65.75 against the US dollar on Thursday.
Kotak Bank was the top loser in the Sensex pack, falling around 3 per cent, followed by Axis Bank, Sun Pharma, HDFC Bank, Bajaj Finance and Asian Paints. On the other hand, ONGC, PowerGrid and IndusInd Bank were the gainers.
Silver followed suit and traded higher by Rs 200 at Rs 34,200/kg.
The US Federal Reserve has raised its benchmark interest rate by 0.25 per cent, only the second increase in a decade.
Getting out of the zero-rate armchair was overdue, and many in the market will be glad it has finally happened
State Bank of India chief Arundhati Bhattacharya, ICICI bank head Chanda Kochhar, Biocon founder Kiran Mazumdar-Shaw and HT Media chair Shobhana Bhartia are among the world's 100 most powerful women.
Weaker-than-expected growth in US jobs in recent months had already forced US central bankers to put off a rate hike at their meeting last week
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