Wholesale commodity markets, including metal and bullion, are also shut
The National Stock Exchange of India (NSE) and the BSE will remain closed on October 2 on account of Mahatma Gandhi Jayanti.
Wholesale commodity markets, including metal and bullion, are also shut. And there is no trading activity in the forex and commodity futures markets either.
The equity market started the month on a strong note as the benchmark indices rallied more than 1.5 percent amid hope of fiscal stimulus by the US, Unlock 5.0 guidelines and increase in GST collection MoM.
The rally, which was after two-day consolidation, was supported majorly by banking & financials on October 1.
"Positive Global Cues led by US stimulus hopes sent indices off to a flying start. A 10 percent month-on-month rise in GST collections coupled with unlock guidelines lent strength to the rally with financials leading the way," S Ranganathan, Head of Research at LKP Securities told Moneycontrol.
Buying auto stocks also boosted the sentiment, backed by better volume numbers in the month of September.
On the final tally, the BSE Sensex surged 629.12 points or 1.65 percent to close at 38,697.05, while the Nifty50 jumped 169.50 points or 1.51 percent to 11,417 and formed bullish candle on the daily charts.
The Nifty index also formed bullish candle on the weekly scale as it gained over 3 percent for the week.
"We have successfully closed above the 11,350 zone which is a positive sign for the markets. If we can sustain the present levels of the index, we could move higher to 11,600 and then 11,800 during the course of the October series," Manish Hathiramani, Proprietary Index Trader and Technical Analyst at Deen Dayal Investments said.
The Nifty Bank was the biggest gainers among sectors, rising 3.7 percent to 22,246 on Thursday and 6 percent during the week.
The Nifty Financial Services index gained 3 percent on Thursday, while among others, Auto, FMCG, IT and Metal were up more than half a percent each.
The broader markets also closed higher but underperformed frontliners. The Nifty Midcap index was up 0.8 percent and Smallcap gained 0.6 percent.IndusInd Bank was the biggest gainer, rising over 12 percent. Bajaj Finance, Axis Bank, ICICI Bank, Tech Mahindra and Bajaj Auto gained 4-5 percent, whereas ITC, NTPC, Reliance Industries, Titan Company and ONGC were only losers among Sensex stocks, ending with moderate losses.