Indian indices surged over 1.5 percent on Monday boosted by banking and financial stocks, as they rebounded from a sharp drop in the previous session. The Nifty Bank and Nifty Fin Services indices soared 3-4 percent during the day lifting the benchmarks.

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The Sensex ended 848 points higher at 49,581 while the Nifty rose 245 points to settle at 14,923. Last week, both frontline indices lost around a percent each after worries over higher US inflation triggered a sell-off in global markets.

The market sentiment further improved after domestic coronavirus cases fell below the 300,000-mark for the first time since April 21. India reported 281,386 new coronavirus infections over the last 24 hours, the lowest since April 21, helped by extended lockdowns in some states.

Meanwhile, the broader markets also rallied during the day with the midcap index up 1.9 percent and smallcap index up 1.2 percent.

On the Nifty50 index, IndusInd Bank, SBI, ICICI Bank, HDFC Bank, and Axis Bank were the top gainers while Cipla, L&T, Bharti Airtel, SBI Life and Nestle led the losses.

Along with banks and financials, the Metal and auto sectors also rose around 2 percent each. Nifty Realty was also up 1.4 percent and Nifty IT added half a percent for the day. However, Nifty Pharma ended in the red.

Automotive components maker Automotive Axles soared 20 percent and Balkrishna Industries rallied nearly 10 percent on stellar March quarter earning.

Nifty component Bharti Airtel was down over 2 percent ahead of its March-quarter results.

Shilpa Medicare rallied 12 percent in early trade on Monday after the company announced a partnership with Dr Reddy's Laboratories for the production of the Sputnik V vaccine.

Meanwhile, Asian equities were mixed as data on Chinese retail sales missed expectations though industrial output stayed solid, while more evidence of global inflation pressures helped gold scale a more than three-month high.

(Edited by : Pranati Deva)

First Published:May 17, 2021 3:35 PM IST