Key domestic indices climbed higher on Monday as investors were encouraged by gradual phase out of lockdown amidst strong gains in other Asian peers.

Markets went up early today ahead of the GDP data for Q1. Research agencies have estimated a GDP contraction ranging from 15 per cent to 26 per cent.

Asian markets moved higher today as Japanese and Hong Kong shares showed gains. The Nikkei 225 is up 1.81%, while the Hang Seng is up 1.24%.

Markets were mainly led by IT, Banking, Oil & Gas, Reatly and Metal sector stocks.

The BSE benchmark index Sensex opened sharply higher at 39,888.15, and rose further to a high of 40,010.17, before being quoted at 39,874.91, up by 407.60 points, or 1.13% at 9.45 am.

Similarly, On the NSE, the Nifty 50 too traded higher by 119.35 points, or 1.02 per cent, to 11,766.95.

Prominent gainers that drove the markets higher were ONGC, Indus Ind Bank, Tech Mahindra, HCL Tech, Axis Bank, Bajaj Finance, Reliance and Infosys rising up to 5 per cent.

However, a few notable losers were Bharti Airtel, Kotak Mahindra, Bajaj Auto, Maruti and UltraCemco tocks which fell up to 1.50 per cent on moderate sell-off in those counters.