India’s currency and bond markets are closed on Monday for annual account closing of banks. Trading will resume on Tuesday. The rupee closed at 69.15 per dollar on Friday and the 10-year benchmark bond yield ended at 7.49 percent. 

India has once again delayed the implementation of higher tariffs on some goods imported from the United States to May 2, according to a government order.The new tariff structure was to come into force from April 1.Angered by Washington’s refusal to exempt it from new steel and aluminum tariffs, New Delhi decided in June last year to raise the import tax from Aug. 4 on some U.S. products including almonds, walnuts and apples.But since then, New Delhi has repeatedly delayed the implementation of the new tariff.

During this week, India’s factory and services (PMI) data will be released which would also influence trading sentiment. Auto stocks will remain in focus amid monthly sales data announcement. Other Asian markets today saw sharp gains as positive Chinese factory gauges and signs of progress in China-US trade talks supported sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan added 1%.

The US and China said they made progress in trade talks that concluded on Friday in Beijing, with Washington saying the negotiations were "candid and constructive" as the world's two largest economies try to resolve their drawn out trade war.Global markets were enthused after China's official purchasing managers' index (PMI) released on Sunday showed factory activity unexpectedly grew for the first time in four months in March.

Sensex pares much of the day’s gains after hitting new high, closes 164 pts higher; Nifty tops 11,650.