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The S&P BSE Sensex surged over 150 points in trade on Monday, despite muted trend seen in other Asian markets. The rally in the index was led by gains in Tata Motors, ITC, HDFC Bank, Infosys and Cipla.

 
The 50-share Nifty index also pared gains after rallying to its intraday high of 7,693.20, but was still trading with a positive bias, above its crucial psychological level of 7,650, supported by gains in auto, banks, consumer durable and pharma stocks. 

India's Aadhar Housing Finance Ltd. has raised 100 million rupees through an issue of bonds maturing in seven years, three merchant bankers said on Friday. The housing finance company will pay an annual coupon of 9.80 percent to investors of these notes. 

The Sensex is up 106.48 points or 0.4 percent at 25308.38 and the Nifty gains 42.15 points or 0.5 percent at 7697.20. About 717 shares have advanced, 420 shares declined, and 48 shares are unchanged. Tata Motors, HDFC, Cipla, Vedanta and Tata Steel are top gainers while Bharti, GAIL, M&M, Wipro and ICICI Bank are laggards in the Sensex.

Indian markets are likely to remain volatile till the crucial US Fed meet which is scheduled for September 16-17. An interest rate hike in the US could accelerate the selling from foreign investors who would like to park their money in US bonds.