Mumbai, Aug. 3 -- Domestic equity markets ended sharply higher on Monday, supported by a steep fall in crude oil prices, renewed foreign institutional investor (FII) inflows and strength in the rupee, while investors remained focused on the upcoming RBI monetary policy meeting.

The Nifty 50 closed at 24,774.30, up 390.70 points or 1.60 per cent, while the BSE Sensex settled at 78,639.03, gaining 544.39 points or 0.70 per cent.

Vinod Nair, Head of Research at Geojit Investments said the decline in crude oil prices amid expectations of renewed dialogue between the United States and Iran lifted investor sentiment by easing concerns over inflation and corporate earnings.

"The decline in crude oil prices, driven by expectations of renewed d...