India's benchmark stock indices closed higher on Monday, led by gains in HDFC Bank Ltd. and Infosys Ltd.
The S&P BSE Sensex closed 241 points, or 0.37%, higher at 65,628.14, while the NSE Nifty 50 gained 94 points, or 0.48%, to end at 19,528.80.
Metals, public-sector banks, information technology, realty and media sectors advanced while consumer durables and fast-moving consumer goods were under pressure. The Nifty IT scaled a 16-month high, while the Nifty Auto and the Nifty Metal hit record highs during the day.
European stocks climbed, bolstered by signs that China's stimulus measures are seeping through into the economy, and wagers suggest that global interest rates are approaching a peak. The Stoxx 600 gauge rose 0.9%, halting three days of losses, led by resource shares, including mining giants Rio Tinto Plc, Glencore Plc, and Anglo American Plc, as metals prices rallied.
U.S. markets will be shut Monday for the Labour Day holiday, but futures advanced after the S&P 500 posted its best week since June.
The Hang Seng jumped more than 3% Monday before paring gains, while a Bloomberg gauge of Chinese developer shares jumped as much as 8.7%. Central banks in Australia and Canada are expected to keep interest rates unchanged this week.
Infosys Ltd., HDFC Bank Ltd., HCL Technologies Ltd., Tata Consultancy Services Ltd., and Tata Steel Ltd. positively contributed to the change in the Nifty 50.
ITC Ltd., Axis Bank Ltd., Mahindra & Mahindra Ltd., Kotak Mahindra Bank Ltd., and Bajaj Finance Ltd. weighed on the index.
The broader market indices outperformed their larger peers. The S&P BSE Midcap was up 0.96%, while the S&P BSE SmallCap was also 0.84% higher.
Eighteen out of the 20 sectors compiled by the BSE advanced, while the S&P BSE Fast Moving Consumer Goods and the S&P BSE Consumer Durables declined. The S&P BSE Metal, S&P BSE Commodities, and S&P BSE Utilities rose the most.
The market breadth was skewed in favour of the buyers. About 2,303 stocks rose, 1,441 declined, and 197 remained unchanged on the BSE.
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