In the afternoon trading session on the first trading day of the FY'20, Sensex continued to flirt with the 39,000 points and was at its day high after having risen 400 points. Nonetheless, in the closing hours, the Sensex and Nifty both shed heavy gains made during the day.
The intra-day gains came on the back of gains made by global peers who showed resurgence as US-China trade talks are expected to reach a breakthrough. Also, China's PMI showed revival after a period of 4 months.
In August last year, Sensex hit the previous high of 38,989. Nifty also traded firm over 11,700 points.
Nifty Bank hit a new high and pushed stocks higher from the sector including BOB and PNB.
After reporting sales for the previous which were in line with the estimates, the stock of Maruti surged higher by as much as 3%. Tata Motors also emerged as the major gainer on the Sensex, with gains of 7%.
Embassy REIT IPO which made a strong debut was dragged higher on the day of listing by as much as 8%.
Metal stocks also came in action and both RIL and Vedanta have been lifted higher in trade today.
Meanwhile, the equities this week will be guided by RBI MPC meet due on April 4, macro economic data as well as foreign fund flow situation.