Indian equity benchmarks made a comeback following four trading sessions of losses, helped by buying across most sectors despite losses in global markets. Strong buying interest in banking, IT and pharmaceutical shares pushed the indices higher. Gains in heavyweights Reliance Industries and Bajaj Finance also boosted investors' sentiment.

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The Sensex index jumped 533.7 points or 0.9 percent to end at 59,299.3 and the broader Nifty50 benchmark settled at 17,691.3, up 159.2 points from its previous close.

Among blue-chip stocks, Divi's Labs, Hindalco, NTPC, Bajaj Finserv, Tata Motors, SBI and Bajaj Finance -- rising between 2.3 percent and 7.8 percent -- were the top gainers.

On the other hand, Cipla, Grasim, UPL, Indian Oil and Eicher Motors -- falling between 0.8 percent and three percent -- were the worst hit among the 14 laggards in the Nifty50 universe.

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Analysts awaited the outcome of the RBI's monetary policy due this week and the onset of the earnings season for domestic cues.

"The market is back in action despite unfavourable global sentiments. The momentum is driven by the expectation of better Q2 earnings backed by a recovery in economic activity, a not-so-severe fallout from the second wave of COVID infections and in anticipation of a better outlook from festive demand," said Vinod Nair, Head of Research at Geojit Financial Services.

Broader indices outperformed the overall market, with the Nifty Midcap 100 and Nifty Smallcap 100 gauges ending 1.6 percent higher each.

Hindustan Copper, Deepak Nitrite, Nalco, DCM Shriram and HEG -- rising between 9.2 percent and 12.8 percent -- were among the top gainers from the midcap and smallcap indices. Oil India, Cummins, Aditya Birla Fashion, IDBI and Delta Corp -- settling with cuts of 2-4 percent -- were some of the top losers.

Tata Consultancy services (TCS) shares rose 1.1 percent. The country's largest IT company is due to report its financial results for the July-September period on Friday.

Divi's Laboratories surged 7.8 percent, helping the Nifty Pharma index extend gains to a fifth straight day and hit a record high.

Meanwhile, S&P 500 E-Mini futures were last seen trading 0.4 percent lower, suggesting a negative opening ahead on Wall Street. European markets began the day on a weak note following their worst weekly performance since February. The pan-European STOXX 600 index slipped 0.2 percent.

Earlier in the day, Asian shares fell amid concerns about China's property sector and rising inflation. MSCI's broadest index of Asia Pacific shares outside Japan declined 0.5 percent.

Catch highlights of the Oct 4 trading session