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Gains in banking, financial services, metal and energy stocks pushed the markets higherDomestic stock markets started Monday's session on a positive note tracking Asian equities, which climbed to two-year peaks led by strong gains in China as investors bet on a steady recovery in the world's second largest economy.
The S-P BSE Sensex index rose 396 points - or 0.98 per cent - to touch 40,905.49 at the strongest level recorded in early deals, and the broader NSE Nifty 50 benchmark climbed to as high as 12,022.05, up 107.85 points - or 0.91 per cent - from its previous close, crossing the 12,000 mark for the first time since February 24. Gains in banking, financial services, metal and energy stocks pushed the markets higher, however losses in select automobile and pharmaceutical shares limited the upside.At 9:23 am, the Sensex traded 335.66 points - or 0.83 per cent - higher at 40,845.15 while the Nifty was up 78.85 points - or 0.66 per cent - at 11,993.05.State Bank of India, ITC, Hindalco, Power Grid and Axis Bank, trading between 2.04 per cent and 3.63 per cent higher, were the top gainers in the Nifty basket of 50 shares. On the other hand, Bajaj Auto, Hero MotoCorp, Tata Motors and Divi's Laboratories, trading between 0.53 per cent and 1.05 per cent lower, were the worst hit among 16 laggards in the index.Share markets in other parts of Asia jumped led by Chinese shares, though caution about the fate of US stimulus kept the dollar firm and a central bank policy tweak unwound some of the yuan's gains.MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.8 per cent to a two-and-a-half-year high, buoyed by a 2 per cent gain in Chinese blue chips and a 1.5 per cent rise in Hong Kong's Hang Seng index.However, Japan's Nikkei 225 benchmark slipped 0.3 per cent as investors fretted about corporate earnings.
