The broader market outperformed, with BSE Midcap and Smallcap gauges gaining 2.5 per cent.The Sensex gained 235.44 points or 0.7 per cent to close at 31,449.03 while the Nifty gained 83.35 points or 0.9 per cent to close at 9,794.15. The local stock market will be closed on Tuesday for Independence Day Brokers said investors lapped up shares that were beaten down in last week's selloff. "We could see continuation of the liquidity driven rally and investors are taking a buy on dips approach, which has worked before. The Sensex and the Nifty had hit record highs of 32,686.48 and 10,137.85, respectively. We expect the Nifty to touch 10,300 levels in one to one-and-ahalf months," said Sahaj Agrawal, AVP derivatives at Kotak Securities.

Source: Economic Times August 15, 2017 02:37 UTC