Better-than-expected quarterly results, a stable rupee value and recovering Asian markets propelled a barometer index of the Indian equity markets to gain 150 points, or 0.55 percent, on Monday.
Initially, both the bellwether indices opened higher on the back of last week's positive momentum on easing concerns over a rate hike possibility in the US this month.
However, caution prevailed over the upcoming quarterly results, which included earnings figures of bluechips.
Nevertheless, the wider 50-scrip Nifty of the National Stock Exchange (NSE) made gains during the day's trade. It closed higher by 37 points or 0.45 percent at 8,275.05 points.
The barometer 30-scrip sensitive index (S&P Sensex) of the Bombay Stock Exchange (BSE), which opened at 27,305.62 points, closed at 27,364.92 points -- 150.32 points, or 0.55 percent, higher from its previous close at 27,214.60 points.
The Sensex touched a high of 27,387.91 points and a low of 27,246.79 points during intra-day trade.
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The barometer index closed the previous trading session on October 16 with gains of 204 points, or 0.76 percent.
Analysts pointed out that better-than-expected quarterly results, stable rupee value and recovering Asian indices, coupled with easing concerns over a US rate hike, buoyed Indian equity markets.
"Better-than-expected quarterly results, strengthening rupee and continuation of last week's positive momentum due to easing concerns over the US rate hike possibility in October supported the Indian markets," Anand James, co-head, technical research desk with Geojit BNP Paribas Financial Services, told IANS.
"However, caution still prevailed over the upcoming quarterly results. Market gains were capped as investors were seen to chase higher prices."
The Indian rupee remained stable during the day's trade. It closed with gain of one paisa at 64.81 to a US dollar from its previous close of 64.82 to a greenback.
Nitasha Shankar, vice president for research with YES Securities told IANS: "Indian markets maintained its upward momentum to end trade in the positive territory led by Pharma, Media and Energy stocks."
"Small cap and midcap indices outperformed the headline index as high beta stocks witnessed fresh buying interest. Banking stocks, however, saw some profit booking after sharp rally in the previous week. Metals and autos remained weak in trade."
Sector-wise, S&P BSE capital goods index plunged by 146.88 points, banking index receded by 70.99 points, automobile index declined by 66.07 points, consumer durables index fell by 43.19 points and metal index was down 42.33 points.
The S&P BSE healthcare index augmented by 228.34 points, information technology (IT) index increased by 121.68 points, oil and gas index gained by 100.17 points, technology, entertainment and media (Teck) stocks rose by 81.93 points and fast moving consumer goods (FMCG) index surged by 66.02 points.
Vaibhav Agrawal, vice president, research, Angel Broking, told IANS that markets' gains were supported by Reliance Industries, which gained five percent led by strong results.
"Chinese GDP (gross domestic product) data also came in ahead of expectations cooling worries of a sharp slowdown," Agrawal added.
Major Sensex gainers during Friday's trade were: Reliance Industries, up 5.61 percent at Rs.963.40; Bharti Airtel, up 3.93 percent at Rs.363.70; Sun Pharma, up 1.83 percent at Rs.905.45; Dr.Reddy's Lab, up 1.70 percent at Rs.4,336.70; Infosys, up 1.69 percent at Rs.1,112.20; and Cipla, up 1.18 percent at Rs.687.10.
The major Sensex losers were: ONGC, down 2.42 percent at Rs.257.95; Tata Motors, down 1.99 percent at Rs.378.50; Tata Steel, down 1.78 percent at Rs.248.15; Larsen and Toubro (L&T), down 1.49 percent at Rs.1,580.65; and Hindalco Industries, down 1.31 percent at Rs.86.45.