The Monday rally on Indian stock exchanges saw the Sensex close at a new 10-month high. The 30-scrip benchmark index ended 499.79 points, or 1.84 percent higher, at 27,626. The NSE Nifty also closed at a new 10-month high of 8,467.90, gaining 144.70 points, or 1.74 percent.
Adani Ports was the top gainer and closed at Rs. 216.95, up 4.78 percent, followed by Tata Motors that ended 4.14 percent higher at Rs. 484.50. ICICI Bank closed with a gain of 3.44 percent at Rs. 249.85. Coal India and State Bank of India were the other top gainers.
In the BSE500 universe, Amtek Auto shares jumped 15.58 percent to close at Rs. 44.15, followed by OnMobile Global.
Indian stock markets consolidated their gains on Monday after opening on a positive note on strong global cues. The S&P BSE Sensex was up 491 points, or 1.81 percent, to 27,618 at about 12.15 p.m. while the NSE Nifty was trading with gains of almost 140 points, or 1.67 percent, at 8,462.
Top Sensex gainers were Tata Motors, Adani Ports, ICICI Bank, Coal India, Power Grid Corporation and NTPC.
Among sectoral indices, the BSE Bankex was up 1.90 percent, auto index 2.05 percent, energy 1.68 percent and realty 2 percent.
The Indian rupee opened 24 paise higher at 67.12 to the US dollar, tracking the upbeat sentiment on the Indian stock exchanges.
Asian stock markets opened on a bullish note, with the Japanese Nikkei 225 gaining 3.55 percent after elections to the country's upper house saw Prime Minister Shinzo Abe's ruling coalition get a landslide victory. The outcome is being perceived as a boost to Abe's economic reforms agenda.
Last Friday, US stock markets ended with gains after job data for June showed nonfarm payroll employment jumped by 2.87 lakh for the month, far above estimates.
"On Friday the US Labor department said nonfarm payroll employment surged up by 2,87,000 jobs in June, which was much higher than economists expectations of 1,80,000 jobs," brokerage Angel Broking said in a note on Monday. The data also had a positive impact on European markets, the firm said.
The L&T Infotech IPO opens on Monday and ends on Wednesday. The company's parent is offloading 1.75 crore shares enabling the listing of its subsidiary. L&T Infotech has fixed the price band as Rs. 705 to Rs. 710 per share.
Story republished at 4.15 p.m. with additional details.