The market opened in the green on Friday because of a steady decline in new Covid-19 cases and an improved recovery rate.

Sensex jumped over 250 points in opening trade, tracking gains in index heavyweights Infosys, Asian Paints and HDFC amid a positive trend in global markets. The 30-share BSE index was up by 265.07 points or 0.52 per cent at 50,916.97, while the broader NSE Nifty surged 86 points or 0.57 per cent to 15,283.70.

M&M, Titan, Bajaj Finserv, Nestle India, NTPC, HUL, ONGC, and Infosys were among the top gainers in the Sensex pack, with gains of about 3 per cent. HDFC Bank, IndusInd Bank, Axis Bank, SBI, and Dr Reddy's, on the other hand, were among the underperformers.

The Sensex increased 111.42 points, or 0.22 per cent, to 50,651.90 in the previous session, whereas the Nifty jumped 22.40 points, or 0.15 per cent, to 15,197.70.

According to provisional exchange data, foreign institutional investors (FIIs) were net buyers in the capital market on Monday, purchasing shares worth Rs 585.36 crore.

"Domestic equities look to be good for the day. Notably, the continued decline in daily caseload in the second wave (fell below two lakh on Monday after 40 days) and improvement in recovery rates have certainly bolstered investors’ confidence as this can reinvigorate the sluggish economy faster,” said Binod Modi, Head, Strategy at Reliance Securities.

According to government data, India registered 1,96,427 new cases of Covid-19, with 3511 fatalities in the last 24 hours. Covid cases drop below 2 lakh for the first time in more than 40 days.

The continued fall in Covid cases and higher crude prices caused the Indian currency, rupee, to increase by 11 paise to 72.85 against the US dollar in early trade.

In mid-session deals in Asia, bourses in Shanghai, Hong Kong, Seoul, and Tokyo were trading on a strong note.

Equities concluded with gains in overnight trade On Wall Street.

International oil benchmark Brent crude was trading 0.25 per cent higher at $68.54 per barrel.