Sectoral trends on NSE
The S&P BSE Sensex ended at 36,526, up 299 points while the broader Nifty50 index settled at 11,008, up 78 points.
Among sectoral indices, the Nifty IT index settled 2.4 per cent higher led by a rally in Infibeam Avenues, Tata Consultancy Services (TCS) and Infosys. The Nifty PSU Bank ended 3.6 per cent higher led by IDBI Bank and Indian Bank.
Among key stocks, the shares of Infrastructure Leasing & Financial Services (IL&FS) Group companies rallied by up to 20% in intraday trade amid reports the government may move to seize control of the management of an Indian financier that’s roiled markets by defaulting on debt, with the move coming just after the beleaguered company unveiled details of a restructuring proposal.
Bandhan Bank hit the lower circuit, slipping 20 per cent to Rs 451.20 on the BSE following Reserve Bank of India’s (RBI's) decision to stop the private sector lender from opening new branches and freezing the remuneration of its managing director & chief executive officer (MD & CEO) Chandra Shekhar Ghosh.
The markets will remain closed on Tuesday on account of Gandhi Jayanti.
Going ahead, investors will look forward to RBI's interest rate decision will be announced Friday. At its previous monetary policy meeting in August, the central bank raised the benchmark interest rate by 25 basis points to 6.50 per cent on inflationary concerns.
The Canadian dollar, the Mexican peso, US stock futures and many share markets gained on Monday after the United States and Canada forged a last-gasp deal to salvage a trilateral trade agreement in North America.
(with Reuters inputs)