Taking cues from the global markets following the surprise 50bps rate cut by the US Fed on Friday, the Sensex opened with a huge positive gap of 371 points at 14,512.

The index soon soared to a high of 14,680 -- up 539 points. The index, however, pared gains in noon deals, and touched an intra-day low of 14,407. The Sensex finally settled with a gain of 286 points at 14,427. The NSE Nifty ended at 4,209, up 101 points.

The BSE Bankex and Metal index rallied over 4% each to 7662 and 10,199, respectively. The Oil & Gas index was up 2.6% at 7621.

The market breadth was fairly positive -- out of 2,766 stocks traded, 1,928 advanced, 793 declined and 45 were unchanged on Monday.

Index Movers....

ICICI Bank [Get Quote] and HDFC Bank [Get Quote] zoomed over 5% each to Rs 869 and Rs 1,128, respectively.

ONGC [Get Quote], Tata Steel [Get Quote] and Bharti Airtel [Get Quote] soared around 4.5% each to Rs 818, Rs 569 and Rs 829, respectively.

Ranbaxy [Get Quote] and BHEL surged 3.5% each to Rs 365 and Rs 1,610, respectively. Reliance Communications [Get Quote] rallied 3% to Rs 508.

Hindustan Unilever gained 2.5% at Rs 197. Reliance, Larsen & Toubro, SBI [Get Quote] and ITC advanced around 2% each to Rs 1,792, Rs 2,354, Rs 1,550 and Rs 156, respectively.

Tata Motors [Get Quote], Hindalco [Get Quote], Grasim [Get Quote], ACC and Ambuja Cements were up over 1% each at Rs 650, Rs 142, Rs 2,771, Rs 962 and Rs 128, respectively.

...And The Shakers

Satyam [Get Quote] slipped nearly 2% to Rs 433. Infosys [Get Quote] and Wipro [Get Quote] declined over 1% each to Rs 1,829 and Rs 470, respectively. Mahindra & Mahindra was down over 1% at Rs 642.

Value and Volume Toppers

Zylog System topped the value chart with a turnover of Rs 246 crore followed by Nagarjuna Fertilisers (Rs 148.70 crore), Reliance (Rs 120.40 crore), Orbit Corporation [Get Quote] (Rs 88.25 crore) and ICICI Bank (Rs 66.25 crore).

Nagarjuna Fertilisers led the volume chart with trades of around 4.15 crore shares followed by Ventura Textiles (2.30 crore), Chambal Fertilisers (98.50 lakh), IFCI (86.75 lakh) and IKF Technologies [Get Quote] (85 lakh).