The market's gains were led by Bharti Airtel, Tech Mahindra, IndusInd Bank, HCL Technologies, and Tata Consultancy Services, which rallied between 2.94% and 3.38%.
Tech stocks were the biggest gainers ahead of the company earnings releases, as the favourable US economy boosted optimism about the sector. Except for consumer durables, all other sectoral indices saw smart gains, with metals, state-run banks, energy stocks and auto being top gainers.
Shrikant Chouhan, head of equity research (retail) at Kotak Securities Ltd, said, "The positive undercurrent in global markets had a rub-off effect on local equities, as investors resorted to short-covering after last week's correction, helping key benchmark indices recapture their psychological levels".
With China steadily lifting covid restrictions, there are hopes that demand may pick up, giving breathing space for the markets battling recession fears and higher interest rates, added Chouhan. However, markets may remain choppy as many of the worries are yet to subside, he said.
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