Sensex turns green, Nifty nears 8,200; realty stocks surge

Benchmark indices open on a positve note but later pared gains to turn red on 1st session of 2017

In a volatile trade, benchmark indices pared lossed to turn green again on Monday, the first trading session of 2017 after the market ended year 2016 on a positive note.

Lending rate cuts by the two biggest PSU banks and Narendra Modi's announcement of new sops to boost low-cost housing ahead of the Union Budget affected the sentiment despite India's December manufacturing PMI dropping for the first time in a year.
 
Globally, markets in Japan, China, Hong Kong, Singapore, the US and the UK, among others, are closed for the day on account of New Year's Day.