The Sensex closed higher on Monday at 51937.56 higher 514 points or 1%, while the Nifty was at 15,582, up 147 points, or 0.95%.
Later in the day, the Centre is expected to provide GDP figures for the fourth quarter (January-March) of 2020-21, as well as annual economic growth figures for FY21, providing an evaluation of the true effects of the COVID-19 epidemic.
The biggest Sensex gainer was Reliance Industries, which jumped 3%, followed by ICICI Bank (up 2 percent ). Mahindra & Mahindra, on the other hand, lost 6% and was the worst performer on the Sensex.
According to Fitch Ratings, the impact of the second Covid-19 wave on rated Indian companies will be manageable because most companies' credit profiles are supported by strong market positions, solid balance sheets, liquidity, and diversified activities.
In the midst of euphoric markets, the Nifty Metal Index soared to trade almost 1.5 percent higher on Monday. MOIL led the way in terms of gains, while JSW Steel was also a standout performer.
Except for auto and public sector banks, all other sectoral indices are trading in the green. The BSE Midcap and Smallcap indices are also somewhat higher. GAIL, Reliance Industries, and Indraprastha Gas led the BSE Oil & Gas index higher by 1%.
On Monday, crude oil prices jumped by 29 cents to $4,884 a barrel, as market participants increased their holdings in response to strong spot demand. On the Multi Commodity Exchange, crude oil for June delivery was trading at $4,884 per barrel in 8,662 lots, up 29 cents, or 0.6 percent.
PNB Housing Financing Limited, one of India's leading housing finance companies, stated on Monday that its Board of Directors has approved a capital increase of up to Rs4,000 crore, headed by Carlyle Group businesses.
Global equities are expected to notch their fourth month of gains, while the dollar is expected to remain under pressure ahead of a barrage of European and US data that will confirm if the global economy is on a steady recovery path.
The biggest gainers are Reliance, ICICI Bank, ITC, JSW Steel, and Bharti Airtel, while the top losers are M&M, Sun Pharma, Adani Ports, Larsen & Turbo, and IOC.