Market saw a broad-based gains, with majority of the sectoral indices closing higher.

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The Nifty advanced 71 points to reclaim the 11,000 level, the Sensex surged 196 points to close above 36,500, being contributed majorly by financials, energy and autos.

Broader markets too have participated in today’s upmove, with the Nifty Midcap surging 415 points to 18,209 and the Nifty Bank 328 points to 27,008.

Oil marketing companies (OMCs) continued its upmove with crude falling to 3-month lows.

All the OMCs, Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) saw a gain of 3-7%.

For information technology (IT), Netflix-led fall in FANG failed to have any impact on Indian stocks.

Tata Consultancy Services (TCS), India's largest IT outsourcing firm, surpassed Rs 2,000/share to close at the record high, while HCL Tech gained nearly 1%.

From the space financials, ten of 12 Nifty Bank stocks closed with gains, with ICICI Bank, Axis Bank and Federal bank being top gainers.

Kerala-based Federal Bank surged 19% after reporting a strong set of numbers for the April-June quarter.

Profit for the bank surged 25%, while slippages saw a reduction of 47%. Loan growth too came at 24% in-line with estimates.

Talking about the earnings, Shyam Srinivasan, chief executive officer, Federal Bank said, "Q1 loan growth of 24% is fairly sustainable. Now, focus is on keeping credit cost under guidance of 65 bps in FY19."

In the futures market, the Call option of 11,000 shed nearly four lakh shares in the open interest with premium surging 61%.

The Put options of 10,900 and 10,800 saw their premiums falling 44% each. The Nifty July Futures expanded its premium to 20 points from 7 points on Monday.

On the global front, Asian stocks closed mostly lower with Japan, the only major market finishing in positive territory — as energy stocks declined amid weakness in oil prices.

Hong Kong's Hang Seng Index fell 1.2%, with all its sectors in negative territory.

Energy led the declines, with CNOOC dropping 3.2% and PetroChina losing 3%.

Meanwhile, the Shanghai Composite pulled back by 0.5% to close at 2,799 after earlier falling as much as 39 points.

The Shenzhen Composite declined 0.2% to end at 1,600.

The extended slide came a day after the release of China data, which showed economic growth slowed to 6.7% in the second quarter, compared to the 6.8% seen in the first three months of the year.

Elsewhere, the Kospi closed lower by 0.2% at 2,298. South Korean auto stocks and retailers rose, but major technology names edged lower.

Index bellwether, Samsung Electronics, finished down 0.4%.

Down under, the S&P/ASX 200 eased 0.6% to end at 6,204, with the 2.2% drop recorded by the energy subindex weighing on the benchmark on the tumble in oil prices.

Oil producers traded lower, with Woodside Petroleum declining 2.42 percent and Santos down 2.13 percent by the end of the day.

The lone bright spot among major markets in the region was the Nikkei 225, which edged higher by 0.4%, to close at 22,697 as the yen remained weaker.

The index had touched an intraday high of 22,832.22 earlier.

Most sectors closed higher, with rail sector rising 2.3% and leading the gains.

But amid the broader index climbing, miners declined and oil-related stocks fell amid the losses in oil prices.

First Published:Jul 17, 2018 4:10 PM IST