The Sensex ended 997.46 points or 3.05% higher at 33717.62, while Nifty rose 306.55 points or 3.21% to close at 9859.90.
The Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) will remain closed today, May 1, on account of Maharashtra Day.
Wholesale commodity markets, including metal and bullion, will also remain shut and there will be no trading activity in the forex and commodity futures markets as well.
On April 30, the market ended on a higher note for the fourth consecutive day with Nifty finishing the April series above 9,850 level.
In the April series, the Nifty50 rallied 14 percent or 1218.45 points.
The Sensex ended 997.46 points or 3.05 percent higher at 33717.62, while Nifty rose 306.55 points or 3.21 percent to close at 9859.90.
Except pharma, all other sectoral indices ended higher. BSE Midcap and Smallcap indices also rose over 1 percent each.
"Most major global markets have rallied in the current week as several countries have started to talk about lifting the lockdown. It seems the worst is over so far as the spread of the pandemic is concerned. Reports of encouraging results about Gilead’s drug in treating COVID-19 as well as starting of human trials on COVID-19 vaccine also fuelled the rally. Improving market sentiments lifted crude oil prices," said Sanjeev Zarbade, VP PCG Research, Kotak Securities.
"After the strong rally from the lows of March 2020, risk of a correction has increased in the near term; though the probability of the market going deep below the 30,000 level looks remote. Investors should keep this in mind and trade accordingly. Yet, investment from a medium to long term perspective looks workable as we expect corporate profits to show good growth in FY22, "he added.