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The benchmark BSE Sensex closed up 0.31 percent at 36,582.74 while the broader NSE Nifty ended 0.17 percent higher at 10,912.25.
Indian shares reversed early losses to end higher in choppy trade on Monday, lifted by index heavyweights Reliance Industries Ltd and Housing Development Finance Corp, with the focus shifting to Thursday’s Reserve Bank of India (RBI) policy meet.
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The benchmark BSE Sensex closed up 0.31 percent at 36,582.74 while the broader NSE Nifty ended 0.17 percent higher at 10,912.25. Both the indexes gained for the third straight session.
Broader market indices sharply under-performed with the Nifty MidCap down by 0.88 percent and the BSE MidCap by 0.82 percent. BSE Energy rose 2.24 percent leading the 12 advancing sectors, which also included BSE Oil & Gas and Nifty Bank. As many as 31 sectors declined with BSE Telecom and Nifty Pharma among major laggards.
Shares of Reliance Industries closed up 3.16 percent, while those of HDFC edged 0.7 percent higher.
Reliance Communications (RCom) shares settled at Rs 7.55, down by almost 35 percent on Monday at the close. The Anil Ambani group's telecom stock plunged over 50 percent intra-day after the company on Friday said it would file for bankruptcy proceedings.
Dewan Housing Finance Corp shares ended 3.5 percent up following five consecutive sessions of decline, after the mortgage lender said it was keen to sell assets and some of its businesses to improve liquidity. Intra-day, DHFL shares dived to a new 52-week low, quoting below Rs 100 per share.
IDBI Bank on Monday posted widening of loss by nearly threefold to Rs 4,185.48 crore for the third quarter ended December 2018 as bad loans surged.
The rupee traded at 71.71 per US dollar at 4.15 pm. The home currency had opened 29 paise lower against the greenback on Monday, as a stronger US dollar and concerns related to fiscal slippage weighed on the sentiment.
In Asia, equity indices ended with gains in subdued trade with Japan's Nikkei up by 0.46 percent and Hong Kong's Hang Seng edging up by 0.21 percent. Markets in China will remain shut for the week on account of Lunar New year, while Hong Kong stocks closed after mid-day break. Markets in South Korea were also shut on account of the Korean New Year.
Also, catch all the day's action and highlights in our Market blog
-with inputs from agencies.
Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.