The benchmark stock indices, Sensex and Nifty, were trading around 2 percent higher in the afternoon session on Monday led by strong buying support in IT stocks on the back of positive cues from the global equities.
The 30 stock S&P BSE Sensex was trading 1082.99 points or 1.97 percent higher at 55,967.65 points at 12.40 PM against its previous day's close at 54,884.66 points.
At 1.36 PM, the Sensex was soaring 1,084.07 points to 55,968.73. The Nifty index jumped 314.30 points to 16,666.75.
This is the third consecutive session of the rally in the Indian equities markets. The Sensex had gained 632.13 points or 1.17 per cent on Friday, the previous trading session. The broader Nifty 50 of the National Stock Exchange was trading 312.30 points or 1.91 per cent higher at 16,664.75 points against its previous session's close at 16,352.45 points.
The Nifty had gained 182.30 points or 1.13 percent on Friday. There was strong buying support in IT stocks. Nifty IT surged by around 4 percent.
Infosys rallied 4.42 percent to Rs 1525.40. HCL Technologies soared 4.26 percent to Rs 1046.65. Tech Mahindra jumped 3.58 percent to Rs 1163.80. Tata Consultancy Services soared 3.46 percent to Rs 3375. Mahindra & Mahindra surged 4.91 percent to Rs 1000 after announcing 17 percent year-on-year jump in its standalone profit for the quarter ended March 2022. The company announced its financial results on Saturday.
The index heavyweight Reliance Industries Limited was trading 3.06 percent higher at Rs 2653.90. Only four of the 30 scrips that are part of the Sensex were trading in the red. Kotak Bank, Sun Pharma, Dr Reddy's Laboratories and ITC were trading in the red.
(With inputs from ANI)