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Indian equity markets traded higher on Monday as benchmarks rallied up to 1 per cent in morning trade, supported by broad-based buying across banking, FMCG and metal stocks amid easing crude oil prices, sustained monsoon progress and renewed foreign fund inflows.

Sensex surged 800 points or 1.02 per cent to an intraday high of 78,895.10 in early deals, while Nifty climbed 192.85 points or 0.79 per cent to 24,576.45.

Sector-wise, FMCG, metal, cement and banking shares led gains, with Nifty FMCG, Nifty Metal, Nifty Chemicals, Nifty Cement, Nifty PSU Bank and Nifty Private Bank indices rising up to 1 per cent.

However, media, pharmaceutical and healthcare stocks remained under selling pressure, with Nifty Media, Nifty Pharma and Nifty Healthcare falling up to 1.6 per cent.

Broader markets also witnessed buying interest, with Nifty Microcap 500 and Nifty Smallcap 100 advancing about 1 per cent.

According to analysts, the market appears poised for a breakout above the 24,500 level on the Nifty, aided by falling crude oil prices, favourable monsoon progress and foreign institutional investors turning net buyers.

Resilient economic growth despite global headwinds, credit growth running above 18 per cent, healthy automobile sales and better-than-expected first-quarter earnings indicate that FY27 earnings growth could surpass earlier estimates, they said.

The market experts further noted that strong inflows through FCNR(B), ECB and OFCB routes have helped stabilise the rupee, facilitating the return of foreign investors.

From a derivatives perspective, Nifty's near-term trading range remains well defined. Significant 'PUT' open interest around the 24,400 strike continues to provide a strong support base, while heavy 'CALL' writing near 24,600 is expected to cap near-term upside, according to the experts.

Meanwhile, the immediate support is placed at 24350, backed by a concentration of PUT open interest, indicating that traders expect Nifty to remain largely range-bound.

A sustained hold above 24,350 would support a mildly bullish bias, while a break below that level could weaken sentiment.

Meanwhile, Brent crude -- the global oil benchmark -- plunged more than 5 per cent to $83.31 a barrel, while US West Texas Intermediate (WTI) crude declined nearly 7 per cent to $78.78 a barrel which also provided further support to market sentiment.