The Indian equity started the week on a solid note with Nifty and Sensex rising nearly 2 per cent each amid buying across the sectors and heavyweights.
At close, the Sensex was up 1,240.90 points or 1.76 per cent at 71,941.57, and the Nifty was up 385.00 points or 1.80 per cent at 21,737.60.
Nifty 50 opened at 21,433.10 against its previous close of 21,352.60 and touched its intraday high of 21,763.25.
The Sensex opened at 70,968.10 against its previous close of 70,700.67 and touched its intraday high of 72,010.22.
BSE Midcap index rose 1.7 per cent and Smallcap index added a percent.
Among sectors, oil & gas index is up 5 per cent, Power index is up 3 per cent, and Capital Goods index is up 2 per cent.
The Indian rupee ended flat at 83.14 per dollar on Monday against Thursday’s close of 83.11.
The biggest gainers on the Nifty included ONGC, Reliance Industries, Adani Enterprises, Coal India and Adani Ports, while losers included Cipla, ITC, LTIMindtree, Bajaj Auto and Infosys.
Notably, the overall market capitalisation of the firms listed on the BSE rose to nearly Rs 377.1 lakh crore from nearly Rs 371.1 lakh crore in the previous session, making investors richer by about Rs 6 lakh crore in a single session.
Indices witnessed spike on Monday as solid buying in shares of Reliance Industries (RIL) and other heavyweights from the financial sector added muscle to the market rally.
Two key events are lined-up this week, which are the interim Budget and the US Fed meeting.
However, these events are unlikely to have major impact on the market as the Budget will be a Vote on Account. Confidence is upheld among investors due to the optimistic environment surrounding the interim budget and recent set of results aligning with forecasts.
While no rate cut is expected at the Fed, but the commentary will be keenly watched.