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The market gained more than 1 percent in early trade, tracking positive trend in global peers and oil rally. All sectoral indices were trading in green. The 30-share BSE Sensex rose 297.08 points or 1.27 percent to 23678.95 and the 50-share NSE Nifty jumped 86.90 points or 1.22 percent to 7195.35. The BSE Midcap and Smallcap indices also gained more than 1 percent. The market breadth was strong as about five shares advanced for every share declining on the Bombay Stock Exchange.

Buying was visible across the sectors. Capital goods, oil & gas, banking, FMCG, realty, metal and pharma indices rose above over 1 per cent each.