Mumbai, May 17 (TIWN) Decline in new Covid positive cases, along with healthy buying in banking as well as automobile stocks, lifted India's benchmark stock indices on Monday.

Both key indices kick-started the week on a positive note with a gap up opening and ended with one of the biggest single day gains in more than a month. 

Globally, stocks traded mixed on Monday after China reported consumer spending grew more slowly than expected in April. 

Besides, European stocks edged lower on Monday, as investors weighed signs that Covid-19 infections are continuing to spread in Asia, even as fears about inflation appear to have subsided. 

On the domestic front, wholesale inflation rose by a massive 10.49 per cent in April as the constant rise in cost of fuel, including petrol, LPG and high speed diesel percolated down into the economy. 

Consequently, the S&P BSE Sensex traded at 49,580.73, higher by 848.18 points, or 1.74 per cent, from its previous close.