Despite the rebound, investor sentiment remained cautious ahead of the RBI's upcoming monetary policy decision.

The Nifty settled above the 22,950 mark, recovering significantly from its intraday low of 22,542.95 recorded during mid-morning trade. Sector-wise, consumer durables, financial services, and PSU banking stocks led the gains, while oil & gas and media stocks ended the session in the red.

As per provisional closing data, the barometer index, the S&P BSE Sensex climbed 787.30 points or 1.07% to 74,106.85. The Nifty 50 index soared 255.15 points or 1.12% to 22,968.25. In three consecutive trading sessions, the Sensex surged 3% while the Nifty gained 2.85%.

In the broader market, the BSE 150 MidCap index surged 1.30% and the BSE 250 SmallCap index jumped 1.10%.

The market breadth was strong. On the BSE, 3,204 shares rose and 1,152 shares fell. A total of 197 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.20% to 25.47.

RBI MPC update:

The Reserve Bank of India's Monetary Policy Committee (MPC) began its three-day deliberations today. It is widely expected to keep the benchmark repo rate unchanged at 5.25% amid heightened global uncertainties.

Economy:

India's services sector saw a slight cooling in momentum in March, with the seasonally adjusted HSBC India Services PMI Business Activity Index easing to 57.5 from 58.1 in February. This marks the slowest pace of expansion in 14 months.

Buzzing Index:

The Nifty Consumer Durables index jumped 2.60% to 34,210.50. The index fell 0.93% in the past trading session.

Kalyan Jewellers India (up 6.5%), LG Electronics India (up 4.36%), Titan Company (up 3.66%), Havells India (up 2.33%), Blue Star (up 2.32%), Amber Enterprises India (up 1.82%), Bata India (up 1.8%), Crompton Greaves Consumer Electricals (up 1.74%), Kajaria Ceramics (up 1.55%) and Voltas (up 1.38%) advanced.

Stocks in Spotlight:

Tata Motors Passenger Vehicles (TMPV) rose 1.29% after the company's arm, Jaguqar Land Rover (JLR)'s Wholesale volumes increased 61.1% in Q4 FY26, compared to Q3 FY26, supported by recovery in production operations.

HDFC Bank advanced 2.62% after the bank's average deposits jumped 12.8% to Rs 28,51,100 crore crore in Q4 FY26 compared with Rs 25,28,000 crore in Q4 FY25.

Kotak Mahindra Bank added 0.67%. The bank's average total deposits rose 14.9% YoY to Rs 5,38,301 crore as of 31 March 2026, compared with Rs 4,68,486 crore as of 31 March 2025. The bank's average CASA deposits stood at Rs 2,11,898 crore as of 31 March 2026, registering a 12.7% YoY growth and a 1.9% QoQ rise.

Bajaj Auto rose 2% after the company reported a 20% increase in total auto sales to 4.45 lakh units in March 2026, compared with 3.69 lakh units sold in March 2025.

IndusInd Bank gained 1%. The bank reported a 2.6% decline in deposits to Rs 4,00,178 crore as of 31 March 2026, compared with Rs 4,10,862 crore as of 31 March 2025. Retail deposits and deposits from small business customers stood at Rs 1,91,276 crore as of 31 March 2026, compared with Rs 1,85,180 crore as of 31 March 2025.

Avenue Supermarts (Dmart) jumped 4.26% after the company reported a 18.96% jump in standalone revenue to Rs 17,204.50 crore in Q4 March 2026 compared with Rs 14,462.39 crore posted in corresponding quarter last year.

Axis Bank rallied 3.81% after the bank reported steady growth in key business metrics for the quarter ended 31 March 2026, driven by continued traction in advances and deposits. Total deposits rose to Rs 13,35,800 crore, up 6.0% QoQ and 13.9% YoY. Gross advances stood at Rs 12,44,200 crore as of 31 March 2026, registering a 6.3% quarter-on-quarter (QoQ) rise and an 18.4% year-on-year (YoY) increase, reflecting sustained credit demand.

L&T Finance jumped 5.64% after the company's retail disbursement climbed 62% to Rs 24,080 crore in Q4 FY26, compared with Rs 14,899 crore recorded in Q4 FY25.

Senco Gold zoomed 10.63% after the company's standalone revenue jumped 46% YoY, led by wedding season. On annual basis, the company achieved revenue growth of 35% in FY26 comapred with 21% in FY25.

Vedanta added 0.39%. The company's aluminium production jumped 2% to 613,000 tonnes in Q4 FY26, compared with 604,000 tonnes posted in Q4 FY25, supported by majorly through operational efficiencies.

Bank of Baroda gained 4.10% after the bank reported a 16.23% increase in global advances to Rs 14,30,204 crore as of 31 March 2026, compared with Rs 12,30,461 crore as of 31 March 2025. Global deposits increased 12.00% YoY to Rs 16,48,650 crore as of 31 March 2026, up from Rs 14,72,035 crore in the same period last year.

FSN E-Commerce Ventures (Nykaa) surged 2.70% after it has reported a strong operational performance for the quarter ended 31 March 2026, with consolidated GMV growth in the high twenties and net sales value (NSV) growth in the low thirties.

Aurobindo Pharma rose 0.09%. The company said its board has approved a share buyback of up to Rs 800 crore at a price of Rs 1,475 per equity share through the tender offer route. The company plans to repurchase up to 54,23,728 fully paid-up equity shares, representing about 0.93% of its total paid-up equity capital. As per the latest available shareholding data, promoters and promoter group entities hold a 51.82% stake in the company.

PNGS Reva Diamond Jewellery gained 4.10% after the company's revenue from operations (including gold sales) surged 139.07% to Rs 138.2 crore in Q4 FY26, compared with Rs 57.81 crore in Q4 FY25. Revenue growth excluding gold sales stood at 96.90% YoY in Q4FY26, reflecting the company's strength as a diamond jewellery retailer, supported by increased consumer demand, healthy volume growth and newly formed strong brand affinity.

AU Small Finance Bank rose 1.79% after the bank reported a 22.8% YoY growth in total deposits to Rs 1,52,660 crore as of 31 March 2026, compared with Rs 1,24,269 crore as of 31 March 2025.

RBL Bank jumped 5.32% after the bank's total business as 31 March 2026 rose to Rs 2.54 lakh crore, reflecting a growth of 24% from Rs 2.05 lakh crore as on 31 March 2025.

Union Bank of India advanced 1.05% after the bank reported a 10.06% increase in domestic advances to Rs 10,41,122 crore as of 31 March 2026, compared with Rs 9,45,975 crore as of 31 March 2025.

Suryoday Small Finance Bank (SFB) jumped 4.74% after the company's total deposits climbed 32% to Rs 13,958 crore in Q4 FY26 comapred with Rs 10,580 crore in Q4 FY25.

UCO Bank added 1.59%. The company reported robust growth in key business metrics for the quarter ended 31 March 2026, driven by strong traction in both advances and deposits.

Global Markets:

European market is closed today on account of Easter Monday.

Japan and South Korean stocks rose on Monday, while most Asian markets were closed for holidays, as investors parsed the latest developments in the Middle East conflict over the weekend.

President Donald Trump on Sunday issued a fresh round of threats to attack Iran's power plants and civilian infrastructure starting Tuesday, if Tehran failed to fully reopen the Strait of Hormuz.

The key oil chokepoint between Iran and the Arabian Peninsula handled about one-fifth of the world's oil supplies before the war between U.S.-Israel and Iran started on Feb. 28.

In an expletive-laden social media post, Trump vowed to bring Hell' to Iran after U.S. forces rescued an American airman in Iran last week.

He later posted about a Tuesday 8 P.M. Eastern Time' deadline without elaborating. The White House on Sunday told the media that the date is the new deadline for Iran to reach a deal with the U.S.

Trump said he will hold a press conference with the Military' at the Oval Office at 1 p.m. on Monday.

Iran has pushed back against Trump's ultimatum to reopen the Strait of Hormuz, saying that the critical waterway would only reopen fully after damage from the war is compensated. Tehran has continued strikes on economic and infrastructure targets in the neighboring Gulf region, including Kuwait's oil headquarters.

Eight members of the Organization of the Petroleum Exporting Countries and allies raised their production quotas on Sunday by 206,000 barrels per day for May, though the move appeared largely symbolic as the war has constrained shipments from several members.

On Thursday, the Dow Jones Industrial Average slipped in volatile trading as oil prices surged following President Donald Trump's remarks that the Iran war would continue for weeks.