Mumbai: The Bombay Stock Exchange benchmark Sensex shot up by nearly 243 points in opening trade on Monday as global markets cheered an agreement reached by US lawmakers to raise the country's debt ceiling and avoid a default.

The 30-share BSE index, which lost over 674 points in the previous four sessions, rose by 242.87 points, or 1.33 percent, to 18,440.07 in the first few minutes of trade on Monday, with realty, banking, power and technology stocks leading the recovery.
In a similar fashion, the wide-based National Stock Exchange Nifty index moved up by 69.90 points, or 1.27 percent, to 5,551.90.

Brokers attributed the widespread recovery in stocks to a firming trend on other Asian bourses after US President Barack Obama announced that top American lawmakers have reached an agreement to reduce the budgetary deficit and avert a debt default.

Japan's Nikkei index was trading 1.84 percent higher, while Hong Kong's Hang Seng Index rose by 1.56 percent in early trade on Monday.