India’s BSE Sensex closed about 1.1% higher at 74,107 on Monday, recovering from a weak start and extending gains for a third straight session. Investors weighed a report saying that the US, Iran, and other mediators were discussing terms for a potential 45-day ceasefire, which helped to lift market sentiment. Meanwhile, a final PMI survey showed India’s services sector growth moderated to a 14-month low in March. All sectors saw gains, with financials leading the way following robust business updates from private lenders. On Saturday, major banks including Axis Bank (3.9%), Bajaj Finance (2.9%), and HDFC Bank (2.7%) posted robust loan growth for the March quarter. At the same time, retailer Trent surged 7.9% after reporting steady double-digit revenue growth with continued store expansion. On the flip side, Reliance Industries slipped 3.4%, emerging as one of the key laggards, after analysts flagged hit to refining margins after the government imposed export tax on diesel last week.
