Indian equity benchmarks began the week in the green amid gains in financial, IT and oil & gas shares, tracking positive signals from global markets with thin trade across Asia. Investors awaited more of corporate earnings from India Inc for domestic cues ahead of the presentation of Union Budget in Parliament due next week.

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The Sensex gained 490.2 points or 0.8 per cent to touch 61,112 at the strongest level in the first hour of trade, and the Nifty50 climbed to as high as 18,162, up 134.4 points or 0.7 per cent from its previous close. 

As many as 40 stocks in the Nifty50 basket held on to gains in early deals, with PowerGrid, Hero MotoCorp, Kotak Mahindra Bank, Tata Motors, Mahindra & Mahindra, Hindalco, UPL, Bharti Airtel, HDFC Bank and SBI — trading around 1-2 per cent — being the top gainers. 

On the other hand, UltraTech, NTPC, JSW Steel, Adani Ports and Adani Enterprises — quoting between 0.4 per cent and 1.8 per cent lower — were the top laggards in the 50-scrip blue-chip pack.

The HDFC twins, ICICI Bank, Reliance and Infosys were the biggest movers for both headline indices, together accounting for more than 250 points in the rise in the 30-scrip gauge.

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Analysts await more of financial results from India Inc for domestic cues, after Reliance Industries, RBL Bank, HDFC Life, SBI Life and Bandhan Bank reported their quarterly numbers last week.  

The market needs positive triggers to take the Nifty above 17,800-18,200 levels, a range it has been holding for some time, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"Early Q3 results broadly have been positive with IT companies and banks delivering good results. This trend continues with the latest results from ICICI and Kotak Mahindra Bank... Positive news from the upcoming Fed meeting and the Union Budget on February 1 can break the upper band of the range. On the contrary, if the Fed and the Budget deliver negative cues, the lower end can be broken," he said.

Axis Bank shares edged higher on Monday, ahead of the private sector lender's results due later in the day. (What to expect in Axis Bank results | Watch)

Global markets

Equities in other parts of Asia began the day in the green amid thin trade owing to Lunar Holiday in some regions following a strong session on Wall Street led by Netflix and Google parent Alphabet. MSCI's broadest index of Asia Pacific shares outside Japan was up 0.3 per cent at the last count, and Japan's Nikkei 225 up 1.2 per cent. 

S&P 500 futures and Dow Jones futures edged 0.1 per cent lower, suggesting a sluggish start ahead on Wall Street. On Friday, the three main Wall Street indices rallied 1-2.7 per cent, with the S&P 500 and the Dow Jones halting a three-day losing streak. 

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