Mumbai: Benchmark Sensex rebounded by 356 points, while the Nifty settled above 24,100 on Monday, as buying in blue-chip stocks and state poll results trending in line with market expectations lifted investor sentiment.
The 30-share BSE Sensex climbed 355.90 points or 0.46 per cent to settle at 77,269.40. During the day, it jumped 997.25 points or 1.29 per cent to 77,910.75.
The 50-share NSE Nifty rallied 121.75 points or 0.51 per cent to end at 24,119.30.
From the 30-Sensex firms, Adani Ports, Hindustan Unilever, Reliance Industries, Larsen & Toubro, Eternal and Maruti were among the biggest gainers.
Bharti Airtel, Kotak Mahindra Bank, Tata Consultancy Services and ITC were among the laggards from the pack.
"Investor sentiment remained supported by a favourable election outcome in West Bengal and a better-than-expected Q4 earnings, helping markets look past Middle East-related concerns.
"However, intermittent profit booking persisted amid uncertainty surrounding the US 'Project Freedom' initiative to reopen the Strait of Hormuz," Vinod Nair, Head of Research, Geojit Investments Limited, said.
While the resolution path may take time, optimism around gradual progress continues, he said, adding that crude prices holding below $110 are providing near-term comfort.
Broader markets also advanced with the BSE SmallCap Select index jumping 0.79 per cent and MidCap Select index by 0.75 per cent.
Among major sectoral gainers, BSE Realty, Services, Capital Goods, Industrials, Healthcare and Utilities gained more than 1 per cent. BSE IT and PSU Bank were major losers.
A total of 2,607 stocks advanced, while 1,735 declined and 216 remained unchanged on the BSE.
Brent crude, the global oil benchmark, jumped 1.48 per cent to $109.8 per barrel.
FIIs offloaded equities worth Rs 8,047.86 crore on Thursday, according to exchange data. Domestic Institutional Investors, however, were buyers as they bought stocks worth Rs 3,487.10 crore.
On Thursday, the Sensex tumbled 582.86 points or 0.75 per cent to settle at 76,913.50. The Nifty dived 180.10 points or 0.74 per cent to end at 23,997.55.