Sensex at new high; global cues, banks stocks lift equity markets

Besides, investors' sentiments were buoyant after the GST Council on Sunday unanimously agreed on the July 1 rollout of the Goods and Services Tax (GST) regime.

At 10.20 a.m., the 30-share BSE index Sensex was up 152.72 points or 0.49 per cent at 31,209.12 and the 50-share NSE index Nifty was up 39.2 points or 0.41 per cent at 9,627.25.

The Bombay Stock Exchange Sensex on Monday closed 255.17 points up at a record high of 31311.57, while the Nifty ended 69.50 points higher at 9657.55.

Market breadth was positive with 995 advances against 414 declines. The Reserve Bank of India asked lenders to start bankruptcy process against 12 large loan defaulters, raising hopes that reduction of bad debt will start to quicken. The S&P BSE mid-cap index was a tad up by 0.07 per cent, while the small-cap index was a bit lower by 0.08 per cent. "Gains in index heavyweight ITC and metal stocks boosted key benchmarks higher, while selling in index pivotal Infosys capped gains", Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS. "Meanwhile, potential for re-rating will vest on how swiftly would concerns over GST dissipate". Gains in the broader markets were led by buying in banking and metal stocks, with the BSE indices of both the sectors settling 1 per cent and 1.75 per cent higher respectively.

Shares of Tata Steel surged 1.37 per cent on reports that Tata Sons will acquire Tata Steel's around 2.85 per cent stake in the group's auto venture Tata Motors on June 23rd.