Domestic indices pared gains in the afternoon trade to end flat on Monday. The benchmark S&P BSE Sensex rose 316 points to touch an intra-day high of 37,719 after hopes of a revivial package from the government lifted sentiment at D-Street. Sentiment was also supported by gains in the Asian markets.
The S&P BSE Sensex ended 52 points, or 0.14 per cent higher, at 37,402 levels with buying being witnessed across the board. Sun Pharma, Tech Mahindra, Axis Bank, and L&T ended the day as top gainers at the 30-share index, while YES Bank, Power Grid, State Bank of India, and ONGC settled as top laggards. The broader Nifty50, settled at 11,054 levels, up 6 points or 0.05 per cent.
Sectorally, pharma stocks gained the most, while public sector banks ended as the top losers. Nifty Pharma index closed 0.84 per cent higher, followed by gains in Nifty Media index, up 0.65 per cent, and Nifty Realty index, up 0.38 per cent. Nifty PSU Bank index settled 0.85 per cent lower.
In the broader market, S&P BSE mid-cap closed at 13,518 levels, up 27 points, or 0.20 per cent. The S&P BSE small-cap index settled 64 points higher, or 0.51 per cent, at 12,649 levels.
Global equity markets rose on Monday on signs that major economies would look to prop up stalling growth with fresh stimulus measures, easing pressure on bonds and dampening demand for perceived safe-havens such as gold.
Hopes of government action to stave off fears of recession – triggered by an inversion in the U.S. bond yield curve – grew as China’s central bank unveiled interest rate reforms expected to lower corporate borrowing costs.
MSCI’s world equity index, which follows shares in 47 countries, gained 0.3 per cent, powered by a 0.8 per cent gain for the Euro STOXX 600 . Bourses in London .FTSE, Frankfurt and Paris rose between 0.7 per cent -0.9 per cent.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 1.1 per cent.