The Indian market surged after initial volatility led by sustained buying in largecap stocks of Reliance Industries, Infosys and HDFC Bank along with Bajaj Finance, Sun Pharma, Tata Consultacny Services, ICICI Bank, ITC, Hindustan Unilever and Bharti Airtel.

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HDFC, Kotak Bank and Axis Bank along with L&T and PowerGrid were primary drag.

At 10.05 am, the Sensex surged 284 points, or 0.78 percent, to trade at 36,670.63. The Nifty also traded more than 74 points up, or 0.687 percent, at 10,981.25.

Broader market indexes lagged behind with the Nifty MidCap edging up by 0.19 percent and the BSE MidCap higher by 0.33 percent at 10.05 am.

Among sectoral indices, BSE Energy was leading the 36 advancing sectors. The gauge surged by 1.87 percent largely led by Reliance Industries. Nifty Pharma and IT were other major gainers, rising over a percent. Nifty PSU Bank was among 7 declining sectors.

Among shares, Sun Pharma and Reliance Industries gained over a percent each. NTPC, Bharti Airtel and Infosys surged by up to 0.93 percent.

Reliance Industries continued its uptrend post its Q3 results last week. The oil-retail-telecom conglomerate surged 2.65 percent.

L&T shares dropped 2.14 percent

as the market regulator Sebi denied the engineering major permission for its Rs 9,000 crore share buyback offer.

Wipro, BPCL, HDFC and Bharti Infratel fell between a percent and 1.7 percent.

Wipro board on Friday approved an issue of bonus shares wherein shareholders will get one bonus share for every three shares held by them. Shares of the IT firm slipped more than 2.5 percent.

Indian rupee opened lower against the greenback on Monday, as the dollar hovered near a two-week high against a basket of currencies. The rupee opened at 71.34 after Friday's close of 71.19.

Oil prices dipped on Monday as China reported its weakest annual economic growth in 28 years.

International Brent crude oil futures were at $62.57 per barrel at 0215 GMT, down 13 cents, or 0.2 percent, from their last close.

Asian stocks traded with marginal gains as investors were cautious after reports of China's economic growth cooling down slightly in the fourth quarter from a year earlier.

Fourth-quarter gross domestic product (GDP) grew at the slowest pace since the global financial crisis, easing to 6.4 percent from 6.5 percent in the third quarter, data from the National Bureau of Statistics showed on Monday.

Hong Kong's Hang Seng traded higher by 0.34 percent, while the Shanghai Composite Index surged 0.68 percent. Japan's Nikkei was up by 0.31 percent and South Korea's Kospi slipped in the red, down by 0.11 percent.

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Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

First Published:Jan 21, 2019 10:46 AM IST