Indian equities on Monday pared intra-day gains but still closed significantly higher as financial stocks came to life on the Reserve Bank’s move to offer liquidity support to mutual funds.

At the close, the BSE Sensex was up 415.86 points, or 1.33 per cent, at 31743.08.

The index tumbled 360 points from its day’s high of 32103.

Similarly, the NSE Nifty settled higher by 127.90 points, or 1.40 per cent, at 9282.30. Twenty five out of 30 Sensex scrips closed in the green.

IndusInd Bank was the top gainer in the Sensex pack, rallying over 6 per cent, ahead of its earnings announcement.

Axis Bank, Kotak Bank, ICICI Bank and Bajaj Finance too surged up to 5 per cent. On the other hand, NTPC, M&M, HDFC Bank, Bharti Airtel and ITC were the laggards.

Sectorally, bank, finance, basic materials, realty, healthcare and IT indices rallied up to 3.54 per cent.

The BSE power index was the only loser among the 19 indices.

In the broader market, midcap and smallcap indices outperformed the Sensex, rising up to 1.44 per cent.

The Indian market was also lifted by positive sentiment on Asian bourses as hopes for more monetary policy easing by global central banks gained further traction after Bank of Japan stepped up its stimulus to contain the virus shock to its economy.