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The market started off March series on a strong note with the Nifty reclaiming 7050 level, led by short covering in beaten down stocks in previous three consecutive sessions. The 30-share BSE Sensex rose 235.66 points or 1.03 percent to 23211.66 and the 50-share NSE Nifty climbed 78.55 points or 1.13 percent to 7049.15. Hindalco Industries, Adani Ports, Larsen & Toubro, SBI, Tata Motors, Vedanta, Cairn India, Power Grid Corp and Bank of Baroda gained 2-3 percent while ICICI Bank declined.

United Spirits will be in focus after liquor baron Vijay Mallya has agreed to give up his chairmanship and board position at India's top spirits company, ending months of acrimony with the company's new owner Britain's Diageo Plc. United Spirits will also be included in the F&O segment from today. Traders said that these moves will benefit the stock.