Sensex ends above 56k-mark

5th Consecutive Gain

- BSE Sensex gained 935.72 pts to 56,486.02

- NSE Nifty closed 240.85 pts higher at 16,871.30

- Only 4 Sensex constituents- HUL, Sun Pharma, Dr Reddy's and Tata Steel-closed with losses

Mumbai: Equity indices marched higher for the fifth session on the trot on Monday, propelled by robust buying in banking and IT counters along with a decline in crude oil prices as hopes of headway in Russia-Ukraine talks boosted risk-on sentiment globally. European bourses opened higher following reports of tentative progress in talks between Russian and Ukrainian officials, even as Moscow continued its military offensive.

After a cautious start, the 30-share BSE Sensex gained momentum as the session progressed to close 935.72 points or 1.68 per cent higher at 56,486.02. Similarly, the broader NSE Nifty vaulted 240.85 points or 1.45 per cent to settle at 16,871.30.

Infosys topped the Sensex gainers' chart, spurting 3.76 per cent, while HDFC Bank climbed 3.25 per cent after the RBI on Saturday lifted all restrictions on the private-sector lender, permitting it to launch new digital initiatives. SBI, Maruti Suzuki, Axis Bank, ICICI Bank, Wipro and HDFC were among the other prominent winners. Only four Sensex constituents closed with losses -- HUL, Sun Pharma, Dr Reddy's and Tata Steel, dropping up to 1.66 per cent.

"We are gaining traction as strategy is shifting from tactical sell to tactical buy. Investments are chipping in as commodities prices are reverting. FIIs selling and crude prices are subsiding, which is expected to continue based on diplomatic developments and provide an edge to the domestic market. Globally, investors are bracing for rate hikes as expected. Domestic WPI has spiked up, however, market is ignoring as future prices can get gloomy," said Vinod Nair, head (research) at Geojit Financial Services.