Equity benchmark Sensex rallied over 600 points in early trade on Monday led by gains in index-heavyweights Reliance Industries, HDFC Bank and ICICI Bank amid positive cues from global markets and sustained foreign fund inflow.
After hitting a high of 34,927.80, the 30-share index was trading 608.59 points, or 1.77%, higher at 34,895.83.
Similarly, NSE Nifty surged 184.60 points, or 1.82%, to 10,326.75.
IndusInd Bank was the top gainer in the Sensex pack, soaring around 7%, followed by Titan, Axis Bank, SBI, Bajaj Finance, ONGC, ICICI Bank, L&T, HDFC Bank and NTPC.
Shares of Reliance Industries (RIL) jumped around 2% after the company on Sunday said it sold 1.16% stake in its digital unit Jio Platforms to Abu Dhabi Investment Authority for ₹5,683.50 crore.
This is the eighth deal by the oil-to-telecom conglomerate for its digital unit in less than seven weeks, completing the sale of the targeted 21% equity in Jio Platforms ahead of a potential IPO.
On the other hand, Sun Pharma and Bharti Aurtel were the laggards.
In the previous session, the BSE barometer settled 306.54 points or 0.90% higher at 34,287.24 and the broader Nifty rose 113.05 points or 1.13% to 10,142.15.
On a net basis, foreign portfolio investors bought equities worth ₹97.61 crore in the capital market on Friday, provisional exchange data showed.
According to traders, while Reliance Jio deals boosted domestic benchmarks, positive cues from Asian peers and persistent foreign fund inflow led to bullish sentiment in the overall market.
On the global front, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with gains amid hope of economic recovery as coronavirus-led lockdowns eased across the world.
International oil benchmark Brent crude futures rose 1.47% to USD 42.92 per barrel.