Markets close on positive note, metal stocks outperform

Mumbai (Maharashtra): Equity indices turned volatile during the afternoon session on Monday but ended with a positive bias with metal stocks emerging as top performers while autos dragged.

The BSE S&P Sensex closed 137 points higher at 40,302 while the Nifty 50 edged higher by 55 points to 11,945. Sectoral indices at the National Stock Exchange were mixed with Nifty media down by 3.3 per cent, auto by 1.3 per cent, realty by 0.8 per cent and FMCG by 0.6 per cent.

Among stocks, metal companies continued to rally with JSW Steel gaining by 5 per cent, Vedanta by 2.7 per cent, Hindalco by 2 per cent and Tata Steel by 1.9 per cent. Infosys added 3,2 per cent intraday after the company said there is no prima facie evidence on the whistle-blower complaints received last month.

The other prominent gainers were Bharti Infratel, Bajaj Finserv, Coal India and ONGC. However, auto stocks skidded with Maruti and Hero MotoCorp down by 2.4 per cent, Tata Motors by 1.6 per cent and Eicher Motors by 1 per cent.

Meanwhile, Asian shares surged to more than 14-week highs as growing optimism over US-China trade talks and upbeat US job data boosted global investors` appetite for riskier assets. Hong Kong`s Hang Seng led gains in the region, rising by 1.65 per cent and Seoul`s Kospi by 1.43 per cent.

Markets in Japan were closed for a holiday. The United States and China both said on Friday that they have made progress in talks aimed at defusing their 16-month-long trade war. US officials said a deal could be signed this month.