Indian benchmark equity indices -- Sensex and Nifty -- surged on Monday led by gains in banking, metals and realty stocks amid positive global cues. The benchmark Sensex gained 0.81 percent or 380.21 points to 47,353.75, while the Nifty ended 0.90 percent or 123.95 points higher at 13,873.20.

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Broader markets outperformed the benchmarks with Nifty Midcap100 and Smallcap100 ending more than 1 percent higher each.

Barring Nifty pharma, all the other sectoral indices ended in the green.

The Nifty Bank Index settled 1.57 percent higher. Top lenders HDFC Bank Ltd and ICICI Bank Ltd were the biggest boosts to the Nifty, closing up more than 1 percent each.

The Nifty PSU banking index settled 2.69 percent higher, led by a 4 percent surge in state-run Canara Bank Ltd.

Global shares also advanced, with the MSCI world index firming 0.3 percent as Trump signed into law a $2.3 trillion spending package.

”Absence of negative trigger is more relevant now, there is no sign of reversal of liquidity or interest rate trajectory and as long as those signs are not there, markets will continue to chug along,” said Deepak Jasani, head of research, HDFC Securities.

Stock markets around the world have rebounded strongly from pandemic lows hit in March, thanks to a clutch of measures taken by global central banks to cushion the economic fallout from the COVID-19 pandemic.

However, analysts have warned that stocks remain overvalued and are due for a correction.

(With inputs from PTI)

First Published:Dec 28, 2020 3:35 PM IST