BSE Sensex jumped more than 1000 points on Monday led by buying in heavyweight stocks.
BSE Sensex is trading at 71,799.42 points, up by 1098.75 points or 1.55%.
Oil and gas stocks were best performers with ONGC up 7 per cent and Reliance Industries up 4 per cent. Hindustan Petroleum is up 4 per cent, BPCL is up 3 per cent.
Among the energy stocks, Coal India is up 3 per cent, Castrol is up 4 per cent.
Among the infrastructure stocks, IRB is up 13 per cent, NBCC is up 8 per cent, NCC is up 7 per cent.
Adani stocks are up in trade with Adani Power, Adani Ports, Adani Energy up 3 per cent.
Among the Sensex stocks, Reliance is top gainer followed by L&T and Powergrid up 3 per cent.
Two important events are due this week: the interim Budget and the Fed meeting on rate decision. But these events are unlikely to impact the market in a big way, says V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
The Budget will be a vote on account without major announcements capable of impacting the market, he said.
Regarding the Fed decision, no rate cut is expected, but the commentary will be keenly watched.
The turbulence in the Red Sea is turning out to be a serious issue. Brent crude has spiked to $83, he added.