Indian equity markets closed higher on Monday, in line with broader Asian peers after the US and China agreed to restart trade talks, boosting risk appetite.

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While reports of an agreement had been flagged ahead of US president Donald Trump and his Chinese counterpart Xi Jinping’s meeting on the sidelines of the G20 meeting, the outcome was more positive than investors had expected.

Trump said he would hold back on new tariffs and that China will buy more farm products.

The broader NSE Nifty50 closed 0.65 percent higher at 11,865.60, while the benchmark 30-share BSE index settled 0.74 percent firmer at 39,686.50. MidCaps lagged behind with the Nifty MidCap ending 0.17 percent high.

Among sectors, except metal and energy, all other sectoral indices ended higher led by auto, pharma, FMCG, IT and infra.

HDFC, HDFC Bank, Reliance Industries, TCS, ICICI Bank were major contributors to index gains.

Zee Entertainment ended over 8 percent higher, Dr Reddy’s Labs over 4 percent, Bajaj Auto over 3 percent along with Tata Motors and Eicher Motors were top gainers on the Nifty, while losers were BPCL, ONGC, IOC, Coal India and HCL Technologies.

Indiabulls Housing Finance settled 2.3 percent higher, HDFC clocked its record closing high.

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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.

-with inputs from Reuters

First Published:Jul 1, 2019 4:14 PM IST