The Indian benchmark indices opened firmly in green on Monday, as auto stocks led the rally with Nifty Auto surging 4 per cent.
The BSE Sensex surged 1,056 points, or 1.31 per cent to 81,654 points. The Nifty 50 jumped 354 points, or 1.44 per cent up to 24,985.
Sectorally, the Nifty Auto led the gains with 4 per cent jump. The Nifty Bank advanced 695 points or 1.26 per cent to settle at 56,037.15.
Nifty Metal gained 1.22 per cent while Nifty FMCG and Nifty Private bank surged 1.36 per cent and 1.62 per cent respectively. The majority of other indices showed moderate gains.
In the Nifty pack, Hero Motocorp led the gains with a jump of 7.18 per cent. Maruti Suzuki, Bajaj Finance, Bajaj Auto, and M&M were the other major gainers. Among laggards, HCL Tech, Larsen, Dr Reddys Labs, ONGC, and TCS topped the charts.
"Last week's reversal attempts stalled in the 24670-720 region, depriving Nifty of a bullish confirmation. However, 43 per cent and 39 per cent of mid- and small-cap index constituents, respectively, ended up above their respective 10-day SMAs, the highest since late July, suggesting that a broad market reversal is already in play," said Anand James, Chief Market Strategist, Geojit Investments Limited.
"Technically, a decisive move above 24,750 could open the way for an upside toward 24,900 and 25,000, while immediate support lies at 24,600 and 24,500—both considered attractive zones for fresh long positions," added Amruta Shinde from Choice Broking.
Asia-Pacific markets mostly rose on Monday, after the U.S.-Russia summit concluded without a ceasefire.
The US markets slipped on Friday after hitting a record high, as the Dow Jones Industrial Average edged up by 0.08 per cent, while the Nasdaq was down 0.4 per cent and the S&P 500 went 0.29 per cent down.
The Asian markets were green in the morning, as China's Shanghai index rose by 1.19 per cent, Japan's Nikkei was up 0.87 per cent, and Hong Kong's Hang Seng Index gained 0.36 per cent. South Korea's Kospi, however, declined by 1.29 per cent.
The visit scheduled by US trade representatives to New Delhi between August 25 and August 29 will likely be rescheduled, according to reports.
On the last trading day on August 14, foreign institutional investors (FIIs) remained net sellers, offloading equities worth Rs 1,926 crore, while domestic institutional investors (DIIs) purchased equities worth Rs 3,895 crore.
(With inputs from IANS)
