The Indian market outperformed Asian peers to close at record high. The benchmark Sensex advanced 136 points to close at 37,692, while the Nifty gained 26 points to 11,387. ICICI Bank, Reliance held market higher while gains were checked by Kotak Mahindra Bank, HUL and ITC. IT Stocks that have a major chunk of weightage in the benchmark Index, have failed to participate in the market upmove.

Share Market Live

NSE

In broader markets, Nifty Bank closed at record high of 27,899, with a gain of 203 points, courtesy big move seen in private banking major ICICI Bank and Axis Bank. Entre gains to the Nifty Bank Index were contributed by these two stocks, and were well-supported by PSUs like SBI, PNB and BoB.

The Nifty Midcap index edged 87 points higher to 19,199 and helped market breadth be in favour of advances. NSE Advance-Decline ratio was at 3:2 during close.

On the earnings front, Arvind failed to cheer the Q1 earnings despite company expecting to continue 20 percent plus growth in Branded apparels segment. Margin in Q1 came 50 bps lower at 8.6 percent against the estimate of 9.1 percent. Another FMCG major, Britannia too closed with a loss as operational numbers came in slightly below estimates whereas volume growth came in at 12.5 percent against the poll of 11-12 percent.

In the future market, some traction was seen in Nifty 11,500 and 11,600 calls, with both the options adding 2.8 and 3.4 lakh shares in the open interest with premium gaining 8-10 percent. Nifty 11,300 Put added 4.7 lakh shares in the open interest with premium slipping 11 percent. Nifty August Futures closed with a premium of 34 points against a premium of 35 points on Friday.

Asian shares closed mixed on Monday, paring gains seen earlier as trade returned to the fore after another set of tariffs on U.S. goods were announced by China. The Nikkei 225 pared moderate gains seen earlier to close lower by 0.1 percent at 22,507.

Gains in the iron and steel as well as telecommunications sectors were offset by declines in most other sectors, including banks and miscellaneous product makers.

The broader Topix ended the day down 0.6 percent, with 24 of its 33 subindexes closing in negative territory. In South Korea, the Kospi slipped 0.1 percent to 2,286.50, with the index also giving up gains seen earlier. Steelmakers ended the day higher, with Posco climbing 2.6 percent while tech names were a mixed picture. Index bellwether Samsung Electronics added 0.1 percent while SK Hynix dropped 4.7 percent. Down Under, the S&P/ASX 200 rose 0.6 percent to finish at 6,273, with the materials subindex leading gains as mining majors advanced. BHP was up 2.2 percent and Rio Tinto added 0.6 percent.

Over in Hong Kong, the Hang Seng Index rose 0.5 percent after closing lower for the past five straight sessions. The advance was led by conglomerates before the market close while overall gains were capped by falls in materials and services. Mainland Chinese stocks led losses in the region, with indexes steepening losses in the afternoon. The Shanghai Composite declined 1.3 percent close at 2,706 and the smaller Shenzhen Composite lost 2.1 percent.