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The benchmark BSE Sensex closed higher by 195 points and the Nifty went past the 10,000-mark for the first time since August 7 as auto stocks gained after a less-than-expected GST cess and rising vehicle sales.
Optimistic buying in blue-chip stocks ahead of release of industrial production data for July and retail inflation for August, to be released tomorrow, supported the uptrend.
Domestic sentiment was also buoyed due to a firm trend in other Asian markets and higher opening of European shares as concerns over North Korea eased and hurricane Irma’s force waned.
The 30-share BSE index Sensex ended higher by 194.64 points or 0.61 per cent at 31,882.16 and the 50-share NSE index Nifty closed up by 71.25 points or 0.72 per cent at 10,006.05.
Among BSE sectoral indices, capital goods index was the star-performer and was up 2.6 per cent, followed by power 1.87 per cent, banking 1.14 per cent and infrastructure 1.12 per cent. On the other hand, IT index was down 0.14 per cent, TECk 0.13 per cent and healthcare 0.03 per cent.
Top five Sensex gainers were L&T (+3.8%), Asian Paints (+2.84%), Maruti (+2.41%), HDFC Bank (+1.95%) and NTPC (+1.67%), while the major losers were M&M (-1.1%), Infosys (-0.66%), Sun Pharma (-0.51%), State Bank of India (-0.4%) and ICICI Bank (-0.34%).
Asian shares
Investors in Asia reacted with relief after North Korea did not conduct another missile test this weekend, when it celebrated its founding anniversary. The MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.4 per cent.
Still, the sentiment was broadly cautious after indexes posted their first weekly fall in four last week, as investors monitored global risk factors and awaited consumer inflation data due on Tuesday.
Retail inflation
The country's retail inflation is expected to have picked up to a five-month high of 3.20 percent in August, largely driven by higher food costs, a Reuters poll showed on Monday, potentially reducing the scope of further rate cuts by the central bank.
The markets are in a wait-and-watch mode ahead of the CPI data, said Vinod Nair, Head of Research at Geojit Financial Services.
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