Indian shares ended higher on Monday, led by gains in state-owned banks, as weak economic data from the United States and China stoked hopes of stimulus measures by major central banks.
The broader NSE index ended 0.52% up at 11,003.05, while the benchmark BSE index finished 0.44% higher at 37,145.45.
The Nifty public sector bank index gained about 1.7%, boosted by a 1.48% rise in sector heavyweight and India’s largest lender by assets, State Bank of India.
Markets rallied even as an industry body announced earlier in the day that India’s auto companies recorded their worst-ever drop in auto sales last month, leaving top executives from the sector to urge the government to help with its revival last week.
However, road and transport minister Nitin Gadkari promised automakers that New Delhi was working towards helping the ailing sector, sending the auto index about 0.9% higher.
Yes Bank topped the blue-chip gainers with a 4.5% rise, while HCL Technologies was the top loser, down 1.5%.