Indian equity benchmarks managed to scale 10-month closing highs on Monday as the bulls remain in charge of Dalal Street for a second straight session. Gains in financial, metal and auto shares pushed the headline indices higher, though losses in healthcare played spoilsport, capping the outside.

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Globally, investors grew optimistic that major central banks may moderate COVID-era rate hikes sooner than expected.

The Sensex gyrated within a range of 687.2 points during the session, between 61,401.5 and 60,714.4, before finishing the day with a gain of 234.8 points. The Nifty50 largely moved within the 18,050-18,250 band before settling at 18,202.8.

A total of 34 stocks in the Nifty50 basket finished higher. Britannia, SBI, Adani Enterprises, Bharat Petroleum and Eicher were the top gainers.

Tata Motors, Tata Steel, Hindalco, Coal India and UltraTech were also among the blue-chip stocks that rose the most, ending with gains of 1-2 percent.

ICICI Bank, SBI, HDFC Bank and Reliance were the biggest contributors to the rise in both Sensex and Nifty.

On the other hand, Divi's, Asian Paints, Cipla, Sun Pharma, Adani Ports, Titan, Bajaj Finserv and Dr Reddy's — closing between 0.9 percent and 8.7 percent lower — were the top laggards.

The Nifty Bank — whose 12 constituents include SBI, HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank — hit a record closing high, surpassing its peak of October 2021.

Analysts say the focus will shift to global cues once again on Dalal Street as the corporate earnings season draws to a close.

"Investors await US inflation data for market direction as there aren't many domestic cues left... The fall in oil prices as China disputed rumours of lifting COVID restrictions and stronger US jobs data showed that the world's largest economy is expanding helped the market," said Vinod Nair, Head of Research at Geojit Financial Services.

SBI shares were in high demand after the country's largest bank by assets reported a strong set of quarterly numbers.

The Divi's Labs stock slumped 8.7 percent after the drug maker's financial results fell way short of analysts' estimates.

Overall market breadth favoured the bulls, as 2,052 stocks rose for the day and 1,506 fell on BSE.

The Indian capital market will remain shut on Tuesday for Gurunanak Jayanti, and resume trading the next day.

Global markets

European markets began the day stronger, in a rebound from the previous session, as gains in travel stocks outweighed losses in China-exposed luxury giants. The pan-European Stoxx 600 index was up 0.6 percent at the last count.

S&P 500 futures were up half a percent, suggesting a positive start ahead on Wall Street.

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