Mumbai– Short covering, coupled with expectations of major economic legislation getting parliament’s approval, buoyed the Indian equity markets on Monday.

The two benchmark indices provisionally closed the day’s trade with substantial gains as healthy buying was witnessed in banking, automobile and consumer durables stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) surged by 94.45 points or 1.11 per cent to 8,635.65 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 27,753.96 points, provisionally closed at 28,095.34 points (at 3.30 p.m.) — up 292.10 points or 1.05 per cent from the previous close at 27,803.24 points.

The Sensex touched a high of 28,110.37 points and a low of 27,736.51 points during the intra-day trade.

The BSE market breadth was skewed in favour of the bulls — with 1,720 advances and 1,000 declines.

On Friday, the benchmark indices were lifted by positive domestic cues and continued inflow of foreign funds. The barometer index rose by 92.72 points or 0.33 per cent, while the NSE Nifty edged up by 31.10 points or 0.37 per cent.