The Indian equity benchmark indices opened higher on Monday as investors hoped for recovery on restart of economic activities after the government allowed areas outside containment zones to be reopened in a phased manner. Positive momentum in Asian peers also supported gains in the market.

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The Sensex opened 481.95 points or 1.49 percent higher at 32,906.05, while the Nifty50 gained 146.55 points or 1.53 percent to open at 9,726.85.

Buying was witnessed across sectors led by Nifty Private Bank, Nifty Financial Services, Nifty Auto, Nifty Metals and Nifty Realty that surged over 3 percent each.

Broader indices Nifty Smallcap100 and Nifty Midcap100 indices were up 2.3 percent and 1.8 percent, respectively.

All the Nifty50 stocks were trading in the green with Indian Oil Corporation, JSW Steel, Axis Bank, Wipro and Bajaj Finance leading the gains.

Shares of Yes Bank gained over 1 percent after Madhu Kapur and her family relinquished their status as promoters of Yes Bank.

Kotak Mahindra Bank gained more than 2 percent in the early trade after it raised Rs 7,442.5 crore through a qualified institutional placement (QIP) of shares.

IDBI Bank stock jumped over 18 percent after the bank posted net profit of Rs 135 crore in Q4FY20 after 13 straight quarters of net losses. Net interest margin of the bank during the quarter rose to 3.8 percent versus 2.27 percent, QoQ.

Meanwhile in Asia, shares pushed to three-month highs on Monday as progress on opening up economies helped offset jitters over riots in US cities and unease over Washington's power struggle with Beijing.

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