The BSE benchmark Sensex on Monday surged the most in two weeks by jumping 326 points to close at 20,030.77 points on all-round buying led by a rally in RIL and Sun Pharma on positive reports amid a firming global trend.
The Sensex shot up by 326.44 points, or 1.66%, to 20,030.77, led by consumer durables, and oil and gas sectors driven by a steep rise in Reliance Industries.
The broad-based National Stock Exchange index Nifty shot up by 99.60 points, or 1.66%, to 6,083.15. MCX-SX flagship index SX40 also closed higher by 214.5 points, or 1.84%, at 11,681.13.
The market major and trend setter Reliance Industries rose the most in eight months by surging 5.12% to Rs. 828.25 on reports the company discovered a new natural gas field in its biggest block in eastern coast.
Sun Pharma spurted by 4.66% to Rs. 1,014.85 ahead of the quarter earnings, while Bharti Airtel rose by 3.31% to Rs. 209.15
"After a washout in the last week, this week started on a cheerful note. And the rise in Nifty was mainly supported by positive news flow in Reliance Industries and softer dollar," said Nagji K Rita, Chairman & MD at Inventure Growth and Securities.
This week would be action packed and volatile, since it will include the derivative expiry as well as GDP data. One could expect markets to bounce upward on back of expected weakness in the dollar, Rita added.
Brokers said a firming trend in in the Asian and European markets amid speculation global central banks may taper stimulus, further influenced the market sentiment.
In 30-BSE index components, 27 stocks gained.
The consumer durable sector index gained the most by rising 3% to 7,656.01 followed by oil and gas index by 2.76% to 8,805.60. Metal index rose by 1.95% to 8,826 and healthcare index by 1.56% to 8,866.10.
The major gainers were Infosys, Coal India, BHEL, Dr Reddy's Lab, HDFC Bank, Hindalco, Hero MotoCorp, Jindal Steel, Tata Motors, Tata Steel, TCS and Wipro.