In the intra-day trade, shares of Zomato advanced up to 19 per cent to hit a 52-week high of Rs 278.70 and 278.45 apiece on the NSE and BSE.

On Monday, SpiceJet reported a substantial rise in standalone profit to Rs 119 crore for the January-March quarter of 2023-24, up from Rs 16.85 crore in the same quarter the previous year. Despite the profit surge, revenue from operations during the quarter declined by 20% to Rs 1,719.37 crore, compared to Rs 2,144.85 crore in the fourth quarter of the fiscal year ending March 31, 2023, according to a regulatory filing.

Among the Nifty 50, major gainers included HDFC Bank, Bharti Airtel, L&T, BPCL, and UltraTech Cement. The laggards were Adani Ports, Tech Mahindra, Mahindra & Mahindra, JSW Steel, and Titan.

The stock rebounded as the conglomerate reduced its debt and secured major projects, helping it bounce back after US-based Hindenburg Research accused the group of widespread corporate malfeasance and share-price manipulation in January 2023.

In the broader market, the BSE midcap index rose by 0.71%, and small-cap stocks advanced by 0.54%. Sector-wise, services, metal, healthcare, power, and energy sectors showed gains, while consumer durables and realty lagged.

The positive trend extended beyond Indian markets, with Asian shares also advancing in early trading, mirroring the optimistic sentiment observed in US markets.

Market sentiment initially turned bullish, with positive global cues and a decrease in tensions in West Asia fueling optimism. A sharp decline in volatility further buoyed investor confidence.

Major gainers in the Sensex basket included UltraTech Cement, Axis Bank, Bajaj Finance, Larsen & Toubro, Tata Steel, and Tata Motors, contributing to the bullish sentiment. However, HDFC Bank, JSW Steel, Mahindra & Mahindra, and ITC emerged as laggards.

Leading the downturn in the Sensex were companies like Nestle, which saw a decline of over 3 per cent amidst reports of higher sugar content in its infant milk products sold in less developed countries. On the flip side, Bharti Airtel, Power Grid, Infosys, and Larsen & Toubro managed to buck the trend and emerged as gainers.

Among the constituents of the Nifty, 40 companies witnessed advances, demonstrating a broad-based rally, while 10 experienced declines. Noteworthy gainers in the morning session included BPCL, Power Grid, HDFC Life, Hero MotoCorp, and Adani. Conversely, HCL Tech, NTPC, Nestle India, Apollo Hospital, and Axis Bank were among the top losers.

Key contributors to the Sensex rally included prominent names such as Infosys, Tech Mahindra, Tata Consultancy Services, HCL Technologies, Tata Motors, Wipro, ICICI Bank, and Nestle, which witnessed significant gains. While, JSW Steel, Kotak Mahindra Bank, Reliance Industries, and Larsen & Toubro found themselves among the underperformers.

Leading the charge among Nifty gainers were prominent names such as Mahindra & Mahindra, Eicher Motors, Maruti Suzuki, and Reliance Industries. Whereas some stocks experienced losses, including Wipro, LTIMindtree, Adani Ports, Nestle India, and Apollo Hospitals.