The Indian equity indices, Sensex and Nifty closed higher Monday led by gains in IT and pharma stocks amid positive global cues. The BSE Sensex ended 194.90 points higher at 44,077.15, while the NSE Nifty gained 67.40 points to close at 12,926.45.

ONGC, IndusInd Bank, GAIL India, Dr Reddy's Laboratories and Infosys led gains among Nifty constituents while HDFC, ICICI Bank, Axis Bank, SBI Life Insurance and Titan Company were the top index losers.

Among sectors, Nifty IT rallied the most over 2 % followed by Nifty Pharma and Nifty Metals that rallied over 1 % each. Meanwhile, selling was witnessed in banking and financial stocks.

Shares of Reliance Industries surged 3 % after the Competition Commission of India (CCI) approved the Rs 24,713 crore Future Group-Reliance Retail deal. Meanwhile, Future Retail's shares ended at 10 % upper circuit.

The share price of SREI Infrastructure Finance fell over 11% after the company said that the Reserve Bank of India would be conducting a special audit of the company and its subsidiary. The sentiment was further weighed after Brickwork ratings downgraded long-term ratings of the firm to BB from BBB-.

Globally, Asian shares rose on Monday, pushing a broad regional index to a record high as investors pinned their hopes for economic revival on covid vaccines, even as the world contends with surging case numbers and delays to fresh US stimulus, Reuters reported.

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