Indian shares ended over 1.5 percent higher on Monday mainly led by gains in bank stocks, while gains in Asian markets further uplifted the sentiment.
Indian shares ended over 1.5 percent higher on Monday mainly led by gains in bank stocks, while gains in Asian markets further uplifted the sentiment. State-owned banking stocks rose with the Nifty PSU Bank index up over 3 percent on hopes that the government may infuse some capital into the sector.
The Sensex ended 593 points higher at 38,981 while the Nifty rose 177 points to settle at 11,227. Broader markets outperformed benchmarks with the Nifty Midcap index up 3 percent and Nifty Smallcap index adding 3.7 percent for the day.
Buying was seen across all sectors today led by media and banks. The Nifty Media index rose 4.3 percent followed by Nifty Bank, which was up 3.3 percent. Auto and metal indices advanced around 3 percent each while and Nifty Fin Services rose 2.6 percent. Other indices - IT, FMCG and pharma also ended the day in the green.
On the Nifty50 index, three of the top five gainers were financials. IndusInd Bank, Bajaj Finance, Axis Bank, Tata Motors and ONGC rose the most while only 3 stocks - HUL, Wipro, and Nestle ended in the red.
Multiplex stocks such as PVR and Inox Leisure's share price surged in trade, up over 11 percent and 6 percent, respectively after West Bengal chief minister Mamata Banerjee allowed cinemas to reopen in the state from October 1.
First Published: IST