Sensex up 550 points to 60,363 in early trade, Nifty climbs to 17,737

As many as 28 constituents of the 30-share Sensex including HCL Tech, TCS and Reliance were trading in the positive territory while two were marginally lower.

Equity market opened on a strong note on Monday, with the benchmark crossing the 60,000 level and Nifty making strong gains amid positive global cues.

A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai. (REUTERS)

BSE Sensex jumped 554.06 points or 0.91 per cent to 60,363.03 points, while the broader NSE Nifty climbed 143.35 points or 0.81 per cent to 17,737.70 points.

As many as 28 constituents of the 30-share Sensex including HCL Tech, TCS and Reliance were trading in the positive territory while two were marginally lower.

Most of the Asian markets, including Hong Kong and Japan, rose on Monday.

European and the US markets had closed with strong gains on Friday, boosted by easing concerns over inflation.

In a pre-open market note, Deepak Jasani, Head of Retail Research at HDFC securities, said Indian markets could open higher, in line with mostly higher Asian markets today and higher US markets on Friday.

"Asian markets opened higher on Monday after the US stocks ended last week on a positive note, driven by speculation that the US Federal Reserve won't raise interest rates beyond peak levels, as it is already priced in," he said.

Foreign Portfolio Investors (FPIs) were net buyers, with investments worth ₹246.24 crore on Friday, according to data with the BSE.