Sensex rallies 292 points, Nifty ends above 8,600 as Brexit fears ease post G20 meet; Maruti Suzuki top gainer

The S&P BSE Sensex on Monday gained 292 points to settle above its crucial psychological level of 28,000, while the broader Nifty50 ended above its key 8,600-mark.

The headline indices edged higher after recent under-performers such as Infosys and State Bank of India recovered on improved sentiment following assurances from global policymakers on the need to boost growth.

The 30-share index ended the day at 28,095, up 292.10 points, while broad-based 50-share index quoted 8,635, up 94.45 points at close.

Bank of Baroda and Maruti Suzuki stocks were among the top gainers on both the benchmark indices and added over 3 per cent on the bourses.

Policymakers from the Group of 20 countries agreed at the weekend to work to support global growth and better share the benefits of trade, in a meeting dominated by the impact of Britain's exit from Europe and fears of rising protectionism.

Overall sentiment was however still cautious given uncertainty surrounding whether the current session of parliament will pass the Goods and Services Tax (GST) bill and as investors awaited other corporate earnings.

"Markets are receiving mixed signals over the uncertainty clouding GST as of now but if it's passed then FII (foreign institutional investor) inflow will increase, which could benefit the market," said Vinod Nair, head of research with Geojit BNP Paribas Financial Securities.

Infosys rose as much as 0.6 per cent, on track for recovery after falling as much as 10.6 percent following disappointing April-June results on July 15.

SBI gained as much as 1.9 per cent after falling 3.3 per cent in the previous two sessions.

Companies expected to post positive results also gained, with Bharti Infratel rising as much as 2.7 per cent ahead of its results on Tuesday.

Shares of India's third biggest private sector lender, Axis Bank, however fell as much as 3.6 per cent after posting weak June-quarter results.

(With inputs from Reuters)