The Indian equity benchmarks were on track to snap their three-day losing streak on Monday mirroring gains in global equity markets after payrolls data hinted at less aggressive rate hikes by the US Federal Reserve. The Sensex rose as much as 989 points and Nifty 50 index touched an intraday high of 18,141.
IT shares like Tata Consultancy Services, Infosys, HCL Technologies and Tech Mahindra were witnessing buying interest ahead of earnings announcement of country's largest IT company TCS.
TCS is expected to post revenue of $6,958 million, up 1.2 per cent sequentially and in rupee terms revenue is likely to come around Rs 57,058 crore, according brokerage firm HDFC Securities.
Overnight gains on Wall Street on Friday helped the sentiment after U.S. payrolls expanded more than expected. This came even as wage increases slowed, easing worries about the Federal Reserve's future rate hike decisions, news agency Reuters reported.
Back home, buying was visible across sectors as all the 15 sector gauges compiled by the National Stock Exchange were trading higher led by Nifty IT index's over 2 per cent gain.
Nifty Bank, Auto, Metal, PSU Bank and Private Bank indices also rose around 1 per cent each.
Mid- and small-cap shares were witnessing buying interest but underperforming the benchmark indices as Nifty Midcap 100 and Smallcap 100 indices rose 0.65 per cent each.
Mahindra & Mahindra was top Nifty gainer, the stock rose 3.3 per cent to Rs 1,307. HCL Technologies, Bharti Airtel, IndusInd Bank, TCS, Tech Mahindra, Infosys, SBI Life, Wipro, Reliance Industries, Tata Steel and JSW Steel also rose between 1.5-2.9 per cent.
On the flipside, Titan, HDFC Life, Bajaj Finaserv, Bajaj Auto, Maruti Suzuki, Grasim and Eicher Motors were among the notable losers.
The overall market breadth was positive as 2,033 shares were advancing while 1,482 were declining on the BSE.
