Even as Brent crude prices surpassed $120 per barrel, equity markets surged in lockstep with worldwide rivals. The S&P BSE Sensex hung on to its gains, finishing at 55,926 points, up 1,041 points, or 1.9 percent. The Nifty50, meanwhile, surpassed the critical 16,650-point level, closing at 16,661, up 309 points, or 1.89 percent.
The larger BSE MidCap and SmallCap indices both gained more than 2%.
Titan, Infosys, M&M, L&T, Reliance Industries, HCL Tech, TCS, and Tech M were the top gainers among individual equities, surging between 3% and 5%. Meanwhile, Ultratech Cement, Bajaj Finance, Wipro, Bharti Airtel, and HDFC each gained more than 1.5 percent.
3M India, Jubilant FoodWorks, IRCTC, Crompton Greaves, Ashoka Buildcon, Technicraft Industries, and Unichem Labs outperformed in the mid- and small-cap category.
The Nifty IT and Realty indexes both gained 4%, while the Nifty PSU Bank index gained 3.3 percent and the Nifty Auto index gained 2%.
On the BSE, Ethos’ new listing shares concluded at Rs 802 per share, down 8.6% from its issue price of Rs 878.
Global stock markets climbed on Monday as the US dollar dropped. The Stoxx 600 index rose 0.8% in early trade, with tech stocks leading the way with a gain of 2.5 percent. Markets in the United States are closed on Monday in observance of Memorial Day.
Earlier in Asia, the Nikkei 225 in Japan climbed 2.3 percent, while the Kospi in South Korea gained 1.2 percent.