Indian equity benchmarks were trading higher on Monday afternoon session. Sentiments were positive amid a private report stating that an overwhelming majority of multinational companies (MNCs) operating in India feel that the country’s economy will perform well over the next 3-5 years. Besides, an International Monetary Fund (IMF) official said that India has been a leader in digitalisation over the last few years and has overcome some of the administrative bottlenecks through increased innovation. State Bank of India Chairman Dinesh Khara said that the impact of a global recession, which is increasingly being feared by the IMF and the World Bank, is unlikely to be as effective in India as compared to other countries.

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The Sensex was trading at 58,322.89, up by 402.92 points or 0.70% after trading in a range of 58,329.83 and 57,339.80. On the index, only 26 stocks were advancing and 4 were declining.

The broader indices were trading in green with the BSE Midcap index up by 0.19% and the Smallcap index up by 0.14%.

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The top gaining sectoral indices on the BSE were Utilities up by 1.28%, Power up by 1.25%, Bankex up by 1.08%, Financial Services up by 0.75%, Auto up by 0.58%, while Metal was down by 0.65%, Realty down by 0.47%, Telecommunication down by 0.24%, Power down by 0.19%, Commodities down by 0.11% were the top losing sectoral indices on the BSE.

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The top gainers on the Sensex were State Bank of India by 2.29%, ICICI Bank by 1.44%, Infosys by 1.34%, NTPC by 1.24% and Kotak Mahindra Bank by 0.97%. On the flip side, Ultratech Cement by 1.45%,  Larsen & Toubro by 1.20%, HCL Technologies by 0.48%, Power Grid Corp by 0.33%, and Tata Steel by 0.20%, were the top losers on the index.

The Nifty was trading at 17,020.40  up by 103.20  points or 0.6% after trading in a range of 17,112.35 and 16,956.95. On the index, 13 stocks were advancing against 37 stocks declining.

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The top gainers on Nifty were State Bank of India up by 2.30%,  Bajaj Auto up by 1.83%, ICICI Bank up by 1.48%, Infosys up by 1.29% and Tata Consumer Products Limited up by 1.27%. While JSW Steel by 1.55%,  Larsen & Toubro by 1.45%,  Ultratech Cement by 1.31%, Hindalco by 1.06%, and Apollo Hospital Ent. by 0.77% were the top losers on the index.

Asian markets were trading mixed with the Shanghai Composite up by 0.42%, the Nikkei 225 fell 1.16%, and Taiwan Weighted fell 1.23%.