The BSE Sensex surged 813 points to reclaim the 58,000-level while the Nifty breached the 17,300-mark on Monday on account of intense buying across sectors after the Economic Survey 2021-22 projected healthy growth for the economy in the near term.
A positive opening in European markets and a firm trend in Asian equities also supported the domestic bourses, traders said.
The 30-share BSE Sensex opened with significant gains and kept its momentum throughout the session. It finally closed at 58,014.17, clocking a gain of 813.94 points or 1.42 per cent.
Likewise, the NSE Nifty rallied 237.90 points or 1.39 per cent to end at 17,339.85.
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In the Sensex pack, major gainers were Tech Mahindra, Wipro, Bajaj Finserv, Infosys, SBI and PowerGrid.
On the other hand, IndusInd Bank, Kotak Bank and HUL closed in the red.
The Economic Survey on Monday said India's economy is expected to grow by 8-8.5 per cent in the fiscal beginning April 1 and is well placed to meet the future challenges on the back of widespread vaccine coverage, supply-side reforms and easing of regulations.
The Economic Survey 2021-22, tabled by Finance Minister Nirmala Sitharaman in Parliament, expects the economy to grow by 9.2 per cent during the current financial year, indicating a recovery to the pre-pandemic level.
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The economy had contracted by 7.3 per cent in 2020-21 on account of the impact of the Covid-19 pandemic and subsequent nationwide lockdowns to check the spread of coronavirus.
Elsewhere in Asia, bourses in Hong Kong and Tokyo finished with gains.
Markets in China and South Korea were closed for a holiday.
Stock exchanges in Europe were trading on a firm note in mid-session deals.
Meanwhile, international oil benchmark Brent crude rose 0.86 per cent to $90.80 per barrel.
Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 5,045.34 crore Friday, as per provisional data.
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