Indian markets hit new highs on Monday, on the back of gains, mainly in telecommunications, metal and auto stocks, as well as renewed optimism about trade relations between the United States and China, PTI reported. The BSE Sensex surged 529.82 points to close at 40,889.23, and the National Stock Exchange Nifty rose 159.35 points to finish at 12,073.75.

“The prolonged trade war between US and China was weighing heavily on Indian indices,” Centrum Broking Chief Executive Officer Sandeep Nayak told Mint. “Positive statements made by both officials last week indicating that a trade pact is likely by the end of December 2019 are being welcomed.”

The stocks which gained the most on the Sensex were Bharti Airtel, Tata Steel, IndusInd Bank, Axis Bank and Vedanta. Only two stocks – Oil and Natural Gas Corporation and Yes Bank – declined.

On the Nifty, the top gainers were Bharti Infratel, Bharti Airtel, Tata Steel, Hindalco and Grasim. The biggest losers were Zee Entertainment, ONGC, Yes Bank, Bharat Petroleum Corporation Limited and GAIL.

The Indian rupee was constant at 71.71 against the United States dollar at 4.30 pm on Monday.