Sensex soars, Nifty performs strong to gain 0.8%

Sensex hurdled past the 58,800 mark and Nifty 17,500 mark. Indian benchmark indices recorded a strong Monday and rose around 0.8% in today's session. Nifty crossed the psychological barrier of 17,500 and ended at 17,525, which is a gain of 127 points. Sensex surged 465 points to end at 58,853 points.

M&M, Bajaj Finserv and Coal India added around 3% to lead the rally, whereas BPCL and SBI featured prominently in stocks that lost ground today. Auto, Metal and Private Bank indices gained the most, but PSU Bank was the only index which ended in the red.

Asian markets reacted in a mixed fashion after a strong US jobs report boosted expectations that the Federal Reserve will continue on its path of big interest rate hikes to control inflation.

Japan's Nikkei index ended at a more than four-month high as investors scooped up stocks that reported robust outlooks. The Nikkei share average rose 0.26%.

Meanwhile, Hong Kong stocks closed lower with Hang Seng Index losing 0.77% but the Shanghai Composite Index added 0.31%.

European stock markets rebounded at the open on Monday following pre-weekend falls. Traders in Europe and Wall Street are assessing the pace of interest rate hikes aimed at cooling soaring inflation.