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Benchmark Sensex spurted by 454 points and Nifty closed above 23,300 on Monday following gains in banking stocks, mainly Kotak Mahindra Bank, and firm global trends.
The 30-share BSE Sensex jumped 454.11 points or 0.59 per cent to settle at 77,073.44.
Intra-day, it surged 699.61 points or 0.91 per cent to 77,318.94.
The NSE Nifty climbed 141.55 points or 0.61 per cent to 23,344.75 with 29 of its constituents ending higher.
Among Sensex shares, Kotak Mahindra Bank jumped over 9 per cent after the firm posted a 10 per cent growth in its consolidated net profit at Rs 4,701 crore, aided by the performance of capital markets-linked arms.
Bajaj Finance, Bajaj Finserv, NTPC, State Bank of India, Power Grid, HDFC Bank, Tech Mahindra and Asian Paints were the other gainers.
However, Zomato, Adani Ports, Tata Consultancy Services, Mahindra & Mahindra, Maruti and Tata Motors were among the laggards.
In Asian markets, Tokyo, Shanghai and Hong Kong settled in the positive territory while Seoul ended lower.
Markets in Europe were trading higher. US markets ended in the green on Friday.
"A strong positive sentiment from Asian markets bolstered domestic markets, starting the week on a healthy note.
"Further, a robust initial set of earnings from the banking and financial sectors triggered a broad-based rally, driven by the likelihood of improved earnings in the near future.
"However, uncertainties surrounding Trump's policies continue to linger, with investors eagerly waiting for more clarity," Vinod Nair, Head of Research, Geojit Financial Services, said.
Global oil benchmark Brent crude dipped 0.36 per cent to $80.50 a barrel.
Foreign institutional investors (FIIs) offloaded equities worth Rs 3,318.06 crore on Friday, according to exchange data.