A total of 15 companies have been listed on the bourses this fiscal after completing their respective initial public offers. Dinesh Engineers, a passive communication infrastructure provider, withdrew its initial public offer early last month due to sluggish investors' response.

Bourses would remain closed on Wednesday and Thursday for 'Diwali Laxmi Pujan' and 'Diwali Balipratipada'. The BSE and NSE will conduct a special 'Muhurat' trading session on Wednesday.

While the Sensex gained 579 points or 1.68% to 35,011, the Nifty rose 1.66% or 172 points to 10,553 level.

Strides Pharma Science attributes its underwhelming performance to a confluence of headwinds and execution challenges.

With crude oil prices reaching new highs and rupee depreciating around 13 per cent against the US dollar since the beginning of the year, the headwinds faced by India's airlines are showing no signs of abating.

While the Sensex touched an intra day low of 33,553 down 480 points, Nifty fell 145 points to 10,079 level. Vedanta (4.46%), Adani Ports (4.06%), and Bharti Airtel (3.69%) were the top Sensex losers.

The ongoing two-day RBI board meeting in Mumbai is expected to touch upon the liquidity squeeze gripping the non-banking finance companies. Concerned that this could cause the credit markets to collapse, putting the broader economy at risk, the government is reportedly pushing for additional contingency measures.