Indian benchmark indices the BSE Sensex and NSE's Nifty50 traded higher in the noon trade on Monday with Sensex at 39,985.42, up 271.74 points or 0.68 percent and Nifty50 at 12,002, up 79.80 points or 0.67 percent.

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Nifty Auto was the best-performing sector followed by Nifty Metal and Nifty Financial Services. The major losing sector was Nifty Media, dragged by Den and Zee Media.

Hero MotoCorp, Bajaj Auto, Asian Paints, Tata Steel and Britannia were among the top gainers on the key indices, whereas ONGC, Eicher Motors, ITC, L&T and ICICI Bank led losses.

HDFC shares hit a new all-time high of Rs 2,218.30 in trade on Monday amid hopes of rate cut ahead of the Reserve Bank of India's (RBI) bi-monthly policy review. HDFC Limited, the non-banking financial arm of HDFC group, opened higher at Rs 2,200, up from its Friday's close of Rs 2,182.65.

Shares of Manpasand Beverages hit a lower circuit of 5 percent for the sixth consecutive day after some of the company's officials were taken under judicial custody following a search by the commissioner of the Central GST and Customs. The company’s shares have plunged over 53 percent in just 5 trading sessions and are trading below its 52-week high.

Shares of oil marketing companies (OMCs) rose for the third consecutive session on Monday after crude oil prices fell over 1 percent amid stalling demand and fears of a global economic slowdown due to trade wars.

Meanwhile, Asian stocks remained slightly lower on Monday, amid increasing concerns over global trade.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.05 percent in the morning.

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