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The market rebounded sharply after the market priced in Union Budget 2016 in previous session. The Sensex rose 247.60 points or 1.08 percent to 23249.60 and the Nifty climbed 69.85 points or 1 percent to 7056.90, led by ITC. ITC rallied 6.46 percent post factoring in excise duty hike on cigarettes. ICICI Bank, Axis Bank, Infosys, SBI and PNB gained 1-3 percent while ONGC and Bharti Airtel fell more than 1 percent. 

Meanwhile, in a boost to the equity markets, The People's Bank of China (PBOC) said on its website on Monday that it cut its reserve requirement ratio, or the amount of cash that banks must hold as reserves, by 50 basis points.