The Indian equity benchmarks staged a gap up opening mirroring gains in global markets wherein the Sensex advanced as much as 482 points to hit record high of 53,056 and Nifty 50 index advanced above its important psychological level of 15,850. Global shares extended their recovery with Asian markets bouncing from four-week lows as investor focus on economic growth partly offset worries about any near-term rise in US interest rates. Reliance Industries, HDFC Bank, ICICI Bank, HDFC, Tata Consultancy Services, Maruti Suzuki and State Bank of India were among the top movers in the Sensex.
As of 10:30 am, the Sensex was up 473 points at 53,047 and Nifty 50 index climbed 146 points to 15,892.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.35 per cent, moving above Monday's four-week lows and notching a 4 per cent gain so far this year.
Japanese shares led the way in Asia, with the Nikkei advancing 2.1 per cent. South Korea stocks rose 0.4 per cent, Australia was up 1.2 per cent and Chinese stocks advanced 0.6 per cent
Back home, foreign institutional investors sold shares worth Rs 1,245 crore while domestic institutional investors bought shares worth Rs 138 crore on Monday.
Buying was visible across the board as all the 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Auto index's over 1 per cent gain. Nifty Bank, Realty, Financial Services, Information Technology, Metal, PSU Bank and Energy also rose between 0.7-1.4 per cent.
Mid- and small-cap shares were also witnessing buying interest as Nifty Midcap 100 index rose 1 per cent and Nifty Smallcap 100 index climbed 1.13 per cent.
Adani Ports was top Nifty gainer, the stock rose 3.65 per cent to Rs 758. Maruti Suzuki, ONGC, UPL, Tata Motors, Indian Oil, Mahindra & Mahindra, Larsen & Toubro, Hero MotoCorp, TCS and Coal India also rose between 1-3 per cent.
On the flipside, Cipla, HDFC Life, Nestle India, Britannia Industries, Grasim Industries, NTPC and Bajaj Finance were among the notable losers.
The overall market breadth was positive as 2,100 shares were advancing while 460 were declining on the BSE.