The key domestic indices logged modest gains, rising for fifth straight session, on sustained buying demand in index pivotals. Today's gains were led by index heavyweights HDFC, HDFC Bank and Reliance Industries.

The Sensex rose 307.14 points or 0.85% to settle at 36,270.07, its highest closing level since 1 October 2018. The index rose 349.38 points, or 0.97% at the day's high of 36,312.31. The index rose 160.69 points, or 0.45% at the day's low of 36,123.62.

The Nifty 50 index rose 82.90 points or 0.77% to settle at 10,888.35, its highest closing level since 1 October 2018. The index rose 94.90 points, or 0.88% at the day's high of 10,900.35. The index rose 39.40 points, or 0.36% at the day's low of 10,844.85.

Trading for the week began on a positive note as the key benchmark indices drifted higher in early trade. Key benchmark indices extended gains in morning trade. Key indices hovered with modest gains in mid-morning trade. Stocks trimmed gains in early afternoon trade. Key indices hovered in a small range in afternoon trade. Firmness prevailed on the bourses in mid-afternoon trade. Stocks extended gains and hit intraday high in late trade.

The S&P BSE Mid-Cap index rose 0.43%. The S&P BSE Small-Cap index rose 0.26%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1392 shares rose and 1186 shares fell. A total of 189 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Metal index (up 2.03%), the S&P BSE Energy index (up 1.54%) and the S&P BSE Utilities index (up 1.35%), outperformed the Sensex. The S&P BSE IT index (down 0.35%), the S&P BSE Realty index (down 0.33%) and the S&P BSE Consumer Durables index (down 0.27%), underperformed the Sensex.

Tata Motors (up 4.1%), Power Grid Corporation of India (up 3.77%), HDFC (up 2.89%), Wipro (up 2.01%) and Coal India (up 1.88%), were the major Sensex gainers.

Infosys (down 1.71%), Bharti Airtel (down 1.3%), Hero MotoCorp (down 0.87%), Hindustan Unilever (down 0.29%), Asian Paints (down 0.24%), Axis Bank (down 0.23%), Larsen & Toubro (down 0.22%) and State Bank of India (down 0.17%), were the major Sensex losers.

HDFC Bank rose 1.75%. The board of directors of the bank will meet on 19 January 2019 to consider unaudited financial results for Q3 December 2018. The announcement was made during market hours today, 17 December 2018.

Kotak Mahindra Bank lost 2.50%. The Bombay High Court reportedly denied relief in founder stake matter. The Bombay High Court denied interim stay on the Reserve Bank of India (RBI)'s 13 August 2018 letter that asked Kotak Mahindra Bank to reduce its promoter holding as percentage of paid up voting equity capital by 31 December 2018, reports added.

Reliance Industries rose 1.70%. With reference to the outcome of a litigation by Airtel and Idea challenging the amendments made by TRAI to the Telecom Tariff Order 1999, Reliance Jio Infocomm, subsidiary of the company, had impleaded itself in the case to put forth its point of view. The order passed by the TDSAT has no impact on Reliance Jio Infocomm. The announcement was made on Saturday, 15 December 2018.

Vedanta rose 2.21%. Vedanta announced that the National Green Tribunal vide its order dated 15 December 2018 has allowed the company to resume operations of its copper smelter at Thoothukudi and directed the Tamil Nadu Pollution Control Board (TNPCB) to pass fresh order of renewal of consent and restoration of electricity supply for the firm's operations within 3 weeks from the date of the order. The announcement was made on Saturday, 15 December 2018.

NTPC rose 1.67%. NTPC has acquired Barauni Thermal Power Station (720 MW) in District Begusarai, Bihar from Bihar State Power Generation Company Limited effective 15 December 2018. The 720 MW coal-based power station has 2 units of 110 MW each (under R&M) and 2 units of 250 MW each (Under Construction). The units of the power station will be progressively put under commercial operation. The project has linked Badam Coal Block, which is also part of the transfer scheme. The announcement was made on 16 December 2018.

Transfer of Barauni Thermal Power Station has been completed by NTPC and BSPGCL in accordance with the 'The Bihar Power Generation Undertakings Transfer Scheme 2018' notified by Government of Bihar on 27 June 2018 and amendment dated 14 December 2018. 100% capacity of the project is tied up through Power Purchase Agreement with Bihar Power Discoms.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.56, compared with its close of 71.90 during the previous trading session.

In the global commodities markets, Brent for February 2019 settlement was up 29 cents at $60.57 a barrel. The contract had fallen $1.90 a barrel or 1.17% to settle at $60.28 a barrel during the previous trading session.

Overseas, European stocks traded lower Monday, amid escalating concerns of a sharp slowdown in global growth. In Europe, investors are monitoring Brexit developments after Theresa May's team pushed back against reports they are warming to a second referendum on Brexit. The UK prime minister will face Parliament on Monday.

Most Asian stocks rose ahead of the US Federal Reserve meeting this week. US stocks dropped sharply on Friday after a batch of weaker-than-expected economic data out of China and Europe sparked fresh worries about the state of the world's second-biggest economy and prospects for global growth.

The Federal Reserve holds its final policy meeting of 2018 on Tuesday and Wednesday. The Federal Open Market Committee is expected to raise its short-term interest rate by a modest quarter-point to a range of 2.25% to 2.5%. Investors are closely watching the Federal Reserve monetary policy guidance for 2019. The central bank forecasts three more rate hikes in 2019, but softer global growth could cause a shift in its hawkish stance. The Bank of Japan's monetary policy decision is due Thursday, followed by a briefing from Governor Haruhiko Kuroda.

In economic data, US industrial production rose 0.6% in November. Capacity utilization rose ten basis points to 78.5% from October. The US purchasing managers index for the manufacturing sector fell to a 13-month low of 53.9 in December, while the services sector survey fell to an 11-month low of 53.4. A reading of more than 50 indicates an expansion in activity.