Benchmark BSE Sensex rallied 746 points to close above the 80,000 mark on Monday following buying in oil, auto and banking shares amid fresh foreign fund inflows.

The 30-share Sensex jumped 746.29 points or 0.93 per cent to settle at 80,604.08 with 26 of its constituents ending higher. During the day, it surged 778.26 points or 0.97 per cent to 80,636.05. The 50-share NSE Nifty jumped by 221.75 points or 0.91 per cent to 24,585.05 .

"The market saw a relief rally post a 3-month low; a positive global cue and a gradual return of FIIs supported the sentiment. Investors are positively assessing the upcoming US-Russia Summit this week, which may possibly give way to a de-escalation in geopolitical tensions.