Led by a 12% jump in Indiabulls Real Estate, the Nifty Realty index hit a 52-week high before closing 4.2% higher at 265.65 points on Monday.
Many of the stocks had hit their lowest after the noteban have since then recovered.
Paint, tyre, airline and chemical companies stand to benefit from the drop in oil prices.
The Bank Nifty has surged 24.3% so far this year, compared to the Nifty's gain of 13.4% in the same period.
There are some stocks which are witnessing high momentum, as indicated by change in OI.
EMs at the moment offer significantly better value because the growth outlook is more stable.
High valuation is the buzzword with some predicting market top and others forecasting doom.
Nifty futures witnessed rollovers of 65% to May compared to the three-month average of 70%.
India is a multi-year story, but valuations are a bit stretched: Jorge Mariscal, UBS Wealth Management
India is in for a much longer catch-up period provided that policy is adequate and so far it is encouraging.
Open interest at the 9,500 Nifty May call option surged 10% to 27.04 lakh units on Wednesday.
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