Indian benchmark indices ended higher on Monday, supported by buying in heavyweight stocks, improving earnings outlook, and optimism around election trends.
The BSE Sensex rose 355.90 points, or 0.5%, to close at 77,269.40, while the NSE Nifty 50 gained 121.75 points, or also 0.5%, to settle at 24,119.30.
Sentiment improved as investors tracked early trends from Assembly Elections across key states of India. Expectations of political stability in the country and continuity in economic policies supported the market.
Hopes of progress in U.S.-Iran peace talks also contributed to the positive tone of the markets. Iran has reportedly submitted a 14-point proposal to Pakistan to end the conflict with U.S. on all fronts.
Among stocks, Bharat Heavy Electricals (NSE:BHEL, BOM:500103) surged 7% after reporting a sharp rise in consolidated profit to 12.9 billion rupees in Q4 from 5.04 billion rupees a year earlier, according to a Monday filing. Revenue from operations increased to 123.1 billion rupees from 89.9 billion rupees.
HFCL (NSE:HFCL, BOM:500183) gained nearly 9% after the company and its subsidiary secured orders worth 842.3 million rupees for supply of optical fiber cables, according to a filing.
Bajaj Auto (NSE:BAJAJ-AUTO, BOM:532977) rose over 1% after total vehicle sales jumped 40% year-on-year in April to 513,792 units, according to a Monday filing.