The index for banking stocks, Nifty Bank, rose over 1 per cent.
The BSE Sensex closed 161 points higher at 33,788 on Monday, rising for a third session in a row. Gains were led by buying witnessed in banking stocks. The National Stock Exchange (NSE) benchmark index settled 47 points higher at 10,379. Higher equities in other Asian markets as well as European markets boosted sentiment. Investors now await the January-March results season, which will be kick-started by software services exporter Infosys Ltd on Friday. "Expectation is that earnings could be a shade better this quarter," said Gaurang Shah, head investment strategist, Geojit Financial Services.
The Sensex rose 161 points to 33,788 while Nifty settled 47 points higher at 10,379. Gains were however capped due to some selling pressure in IT and healthcare stocks.
Jewellery and accessories retailer Titan Co Ltd rose nearly 3 per cent on strong quarterly jewellery sales growth. Among other gainers, oil retailers HPCL and BPCL rose nearly 3 per cent. Financials drove the gains on the NSE index. Axis Bank rose nearly 4 per cent while IndusInd Bank jumped nearly 2 per cent. The index for banking stocks, Nifty Bank, rose over 1 per cent.
Lupin, Tata Motors and Lupin were among the top losers in the Nifty50 pack, down over 1 per cent.
Global stocks rose on Monday as the US government played down fears of a trade war with China that has roiled markets over the last week. The two countries have threatened each other with tens of billions of dollars of tariffs, but officials in President Donald Trump's administration have stressed the tariffs are not yet in place and the dispute could be resolved through talks.
Trump's chief economic adviser, National Economic Council Director Larry Kudlow said in an interview on Sunday the ongoing spat "might turn out to be very benign". In a Twitter post on Sunday Trump appeared to echo this, saying any tariffs would be reciprocal and that he saw a "Great future for both countries!".(With agency inputs)