Markets rally in early trade tracking sharp gains in global peers, buying in bank stocks

Stock market benchmark indices Sensex and Nifty bounced back on Monday morning trade, mirroring a sharp rally in global peers along with buying in IndusInd Bank and other financial majors.

The 30-share BSE benchmark Sensex climbed 363.67 points to 74,192.58 in early trade, snapping its five days of losses. The NSE Nifty went up by 115.3 points to 22,512.50.

From the Sensex pack, IndusInd Bank jumped nearly 5 per cent after the Reserve Bank on Saturday assured customers that the firm remains 'well-capitalised', even as it directed the bank's board to complete remedial action relating to estimated Rs 2,100 crore accounting discrepancy within this month.

Bajaj Finserv, Mahindra & Mahindra, Bajaj Finance, Adani Ports, Maruti and Tata Motors were among the other gainers.

However, Nestle, HCL Tech, State Bank of India, Tech Mahindra and Infosys were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the positive territory.

US markets ended sharply higher on Friday.