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Equity indices on Monday closed on a strong note led by Nifty Bank index, which gained by 2.4 per cent.
The BSE Sensex ended nearly 1 per cent higher at 38,799 while the Nifty 50 index ended 0.83 per cent higher at 11,466.
Among the other sectoral indices, Nifty Realty was the top laggard, ending 1 per cent lower while the Pharma and IT indices fell by 0.4 per cent and 0.3 per cent respectively.
The Sensex hit an intraday high of 38,894 and a low of 38,545.76. Similarly, the Nifty touched an intraday high of 11,497 and a low of 11,410.65.
At the NSE, 1,070 stocks ended with gains while 809 stocks declined.
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