Benchmark indices erased losses of the previous two sessions taking Nifty 50 back above 24,300 on Monday. This was led by buying in heavyweights including Reliance Industries and across sectors, barring IT stocks.

Nifty crossed 24,350 intraday but profit booking at higher levels erased some of the gains.

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At close, Sensex was up 1,005.84 points or 1.27% at 80,218.37 while Nifty was up 289.15 points or 1.20% at 24,328.50.

BSE Midcap index rose 1.3%, while the smallcap index added 0.4%.

The overall market capitalisation of the firms listed on the BSE rose to nearly Rs 426 lakh crore from Rs 421.6 lakh crore in the previous session.

On Nifty50, as many as 39 stocks ended higher among which the top gainers were Reliance Industries (5.07%), Sun Pharmaceutical Industries (3.07%) and JSW Steel (2.91%). While on the losing side were the shares of Shriram Finance (5.13%), Eternal (0.92%) and UltraTech Cement (0.89%).

Among the sectors, barring Nifty IT, all major sectoral indices ended higher. IT index declined 0.22%.

Nifty Oil & Gas was up 3.18%, Healthcare up by 2.07% and Pharma was up by 1.98%.

Further, Nifty Auto was up 1.63%, Metal by 1.40%, Realty was up by 1.41% clocking healthy gains.

Nifty Bank jumped 1.41%, PSU Bank by 2.44%, and the Private Bank was up by 1.40%. The Financial Services index also rose by 0.98%.

On the BSE, around 75 stocks jumped to their 52-week highs in intraday trade. They were UltraTech Cement, Anupam Rasayan India, Choice International, Krishna Institute of Medical Sciences and Paradeep Phosphates.

Around 50 stocks were on the flip side, including Schneider Electric Infrastructure, Ramkrishna Forgings, Growington Ventures India, Lasa Supergenerics, Shyam Telecom, Uma Exports and Teamo Productions HQ.

Consequently, the defence-related shares saw significant buying interest amid high geopolitical tensions, with HAL and BEL rising up to 5% and 3% respectively.

Shares of KPIT Technologies settled at Rs 1,228.8 per share, up by 0.64% after the company recorded a 31% QoQ jump in its consolidated net profit for the March 2025 quarter.

Tata Tech also settled at Rs 703.85 per share on the NSE, up by 1.54% after reporting a 20.12% rise in consolidated profit.

Easing trade war tensions between the US and China is also a key positive for the markets globally.