BSE Midcap and BSE Smallcap indices settled the day 0.7% and 0.9% higher
The benchmark indices on Monday settled the day higher as a sharp rally in information technology, telecom and metal stocks boosted the sentiment on Dalal Street even as global markets remained cautious.
The S&P BSE 500 ended the day at 28,661, up 193 points, while the broader Nifty50 closed at 8,879, up 57 points.
Broader markets mirroed the gains in headline indices with BSE Midcap and BSE Smallcap indices settling the day 0.7% and 0.9% higher.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,708 shares rose and 1,134 shares fell. A total of 197 shares were unchanged.
Sectors and stocks
BSE Metal index (up 2%) was the leading sectoral gainer, led by gains in Jindal Steel (up 8% at Rs 100), Tata Steel (up 4% at Rs 486) and SAIL (up 3% at Rs 62).
TCS stock spiked 4% to Rs 2,506 after the company, following a board meeting, announced to buyback 2.85% of its equity capital at 14.6% premium to its current market price. It was the top gainer on Sensex and Nifty. Infosys also surged 2% to Rs 1,025.
Telecom stocks rallied. Tata Teleservices rallied 7% after a news report said the company is in early talks to join Reliance Communications-Aircel-MTS Combine. Reliance Communications gained 4% to Rs 35.
Idea Cellular surged 3% on reports that its proposed merger with Vodafone India may be concluded in a month.
Shares of Lloyd Electric tanked nearly 12% to Rs 288 after the company sold its consumer durables business to Havells India for Rs 1,600 crore.
Global markets
European stocks advanced with gains in banks and phone companies outweighing a slide in Unilever NV. Euro Stoxx 50 and CAC 40 gained 0.2% each, while FTSE was little changed.
Asian markets were largely mixed ahead of key US Federal Reserve events, including minutes of the last policy meeting and speeches by five heads of Fed regional banks. China's Shanghai Composite added over 1%, Hong Kong's Hang Seng rose 0.5%, while Japan's Nikkei ended in red.