Mumbai: Benchmark BSE Sensex rose by 491 points while Nifty settled above the 17,300 level on Monday on the back of buying in index majors Reliance Industries, ICICI Bank and recovery in global markets.

Larsen & Toubro, HCL Technologies, Wipro, Tata Steel, Nestle, Power Grid and Bharti Airtel were the laggards

Rising for a second session, the 30-share Sensex jumped 491.01 points or 0.85 per cent to settle at 58,410.98. The index opened lower and fell to a low of 57,639.80 in early trade. However, it bounced back in late morning deals and hit rallied 529.03 points or 0.91 per cent to touch a high of 58,449.

The broader NSE Nifty climbed 126.10 points or 0.73 per cent to end at 17,311.80, marking its second straight session of gains.

Among Sensex shares, State Bank of India, NTPC, Bajaj Finserv, ICICI Bank, Axis Bank, Reliance Industries, and IndusInd Bank were the biggest winners.

On the other hand, Larsen & Toubro, HCL Technologies, Wipro, Tata Steel, Nestle, Power Grid and Bharti Airtel were the laggards.