Indian shares came off their session peak to close a tick higher on Monday, as strength in pharmaceutical stocks was largely offset by declines across the banking and auto sectors. The broader NSE index ended 0.07% higher at 11,053.90, while the benchmark BSE index gained 0.14% to finish at 37,042.49.

The Nifty PSU bank index, tracking state-owned banks, shed 0.83%, with State Bank of India falling about 1.5%. A 1.6% slide in Eicher Motors Ltd contributed to a 0.56% decline in the Nifty auto index. The auto index has shed 36% over the past year, including a 22% plunge since mid-April, as the automotive industry faces a bruising slowdown that has forced companies to curtail production and slash jobs. The Nifty pharma index ended 0.74% higher, led by a 2.7% gain in Sun Pharmaceutical Industries Ltd.

Copyright Reuters, 2019