Mumbai: Indian shares rose more than 1 per cent on Monday, heading for their biggest single-day gain in three weeks, as blue chips gained on rising risk appetite across global equities after Eurozone leaders said there would be no "Grexit".
Eurozone leaders agreed on a roadmap to a possible third bailout for near-bankrupt Greece on Monday, but Athens must enact key reforms this week before they start talks on a financial rescue to keep it in the European currency area.
Ongoing April-June earnings and June retail inflation data would be key for the near-term direction of the market.
A median forecast from a Reuters survey of 30 economists this week put inflation at 5.10 per cent in June compared to May's 5.01 per cent.
"It's important to see how the entire implementation will take place as far as Greece is concerned," said Gaurang Shah, vice president at Geojit BNP Paribas.
Mr Shah added corporate earnings and domestic data points would drive Indian markets hereafter.
The BSE Sensex rose 1 per cent, while the Nifty gained 1.1 per cent, heading towards their biggest single-day percentage gain since June 22.
Blue-chip stocks led gains with HDFC up 2.1 per cent and ITC higher 1.8 per cent.
HCL Technologies rose 3.5 per cent and Infosys gained 1.23 per cent.
Indian gas distributors also rose. Gujarat State Petronet gained 4.6 per cent and GAIL (India) advanced 3.5 per cent as authorities issued draft amendments for calculation as of natural gas pipeline tariff which is seen as positive.
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