The equity benchmark indices ended nearly 1 per cent higher on Monday, mainly lifted by information technology (IT) stocks and private sector lenders such as HDFC Bank, and ICICI Bank.
Shares of information technology (IT) companies were on a roll after Tata Consultancy Services (TCS) announced a share buyback plan amid expectation of strong earnings in the July – September quarter of the current fiscal (Q2FY21). The stock hit a fresh record high of Rs 2,727 on the BSE during the day before settling at Rs 2,707, up over 7 per cent. That apart, TCS' market capitalisation surged past the Rs 10 trillion mark for the first time ever.
Among headline indices, the S&P BSE Sensex settled 277 points, or 0.7 per cent higher at 38,974 levels and the Nifty50 index ended above 11,500-mark at 11,503, up 0.76 per cent. India VIX climbed over 7.6 per cent to 19.75 levels.
Meanwhile, financial stocks were in focus after the Supreme Court ordered that all affidavits in the interest waiver case be filed by October 12. The apex court will next hear the case on October 13.
In the broader market, the S&P BSE MidCap index ended 0.18 per cent lower at 14,786.58 levels while the S&P BSE SmallCap index settled 0.38 per cent higher at 15,028 points.