Snapping its four-session losing streak, equity benchmark Sensex rallied 534 points on Monday, led by gains in index heavyweights Reliance Industries, Infosys and ICICI Bank.

The 30-share BSE index ended 533.74 points or 0.91 per cent higher at 59,299.32. Similarly, the NSE Nifty surged 159.20 points or 0.91 per cent to 17,691.25.

NTPC was the top gainer in the Sensex pack, rising around 4 per cent, followed by Bajaj Finserv, SBI, Bajaj Finance, Tech Mahindra, Dr Reddy's and Tata Steel.

On the other hand, Bajaj Auto, HUL, Nestle India, Kotak Bank and Titan were among the laggards.

"As we approach the earnings season, indices remained buoyant through the day led by the metals and PSU names with the market breadth exhibiting positive momentum across midcaps and smallcaps," said S Ranganathan, Head of Research at LKP Securities.

Privatisation hopes on few metal names fuelled a 3 per cent upmove on the metal index even as select pharmaceutical and speciality chemical stocks saw good buying interest, he said, adding this month is likely to witness almost a dozen companies going public aiming to mop up over Rs 200 billion.

Elsewhere in Asia, bourses in Hong Kong and Tokyo ended with heavy losses, while Shanghai and Seoul were closed for holidays.

Stock exchanges in Europe were trading flat in mid-session deals.

Meanwhile, international oil benchmark Brent crude dipped 0.13 per cent to USD 79.38 per barrel.