Stock Market: Selling pressure in select banking and financial services stocks limited the upsideDomestic stock markets ended a volatile session on Monday with mild gains, as prospects of an early rollout of COVID-19 vaccines were countered by fears over the impact of further lockdowns.

The S-P BSE Sensex jumped 388.9 points - or 0.89 per cent - to touch 44,271.15 and the broader NSE Nifty 50 benchmark climbed up 109.8 points - or 0.85 per cent - to 12,968.85 -- both all-time highs.

Strong buying interest in IT, pharmaceutical and energy shares supported the markets, however selling pressure in select banking and financial services stocks limited the upside. Market LIVE Updates: Sensex Ends 195 Points Higher, Nifty At 12,926The Sensex ended 194.90 points - or 0.44 per cent - higher at 44,077.15 and the Nifty settled at 12,926.45, up 67.40 points - or 0.52 per cent - from its previous close. Nifty VIX Spurts 5% In Afternoon TradingThe Nifty VIX has spurted to 20.74 in afternoon trades due to the increase in intra-day volatility.

The VIX is a volatility index, which guages the expectation of market volatility in the near term.

A low VIX number is necessary for continuation of the ongoing momentum.European Markets Open Higher On Vaccine Hopes European stocks have opened in the green on hopes that coronavirus vaccines will be available soon.

Pfizer and BioNTech applied for emergency use authorization from the U.S.

Food and Drug Administration, on Friday, for their coronavirus vaccines.

The UK's FTSE index gained 0.5 per cent, while French CAC and German DAX added 1 per cent each in early trading.Market LIVE: IT, Pharma Shares Support Markets; Select Financial Stocks Drop Strong buying interest in IT, pharmaceutical, energy, real estate and private bank shares supported the markets.

On the other hand, selling pressure in non-banking financial companies, led by the heavyweight HDFC, limited the upside.Market LIVE Updates: Mid-cap, Small-cap Shares Support MarketsGains were broad-based with mid- and small-cap shares supporting the markets.

The S-P BSE Midcap and Smallcap indices were last seen trading 1.17 per cent and 1.25 per cent higher having climbed up as much as 1.35 per cent and 1.42 per cent respectively earlier on Monday.Sensex Gains Over 250 Points, Nifty Hovers Near 12,950The S-P BSE Sensex index bounced back 399 points from an intraday low of 43,747.22 to trade at 44,438.99 in afternoon deals, , up 256.74 points or 0.59 per cent from its previous close.

The broader NSE Nifty 50 benchmark traded up 87.80 points or 0.68 per cent at 12,946.85.IndusInd Bank, Dr Reddy's Laboratories, GAIL, Reliance Industries and ONGC topped the BSE charts, with gains of between 3 per cent and 5.6 per cent.

All of the BSE's sectoral indices traded in the green, except the consumer goods index.Sensex Gains Over 100 Points, Nifty Holds 12,900At 1:03 pm, the Sensex traded 127.78 points - or 0.29 per cent - higher at 44,010.03, while the Nifty was up 46.80 points - or 0.36 per cent - at 12,905.85. Top gainers in the Nifty basket of 50 shares were IndusInd Bank, Dr Reddy's, Reliance Industries, Tech Mahindra and ONGC, trading between 2.72 per cent and 4.54 per cent higher.

On the other hand, HDFC, Titan, M-M, ICICI Bank and Bharti Airtel - down 1.28-3.90 per cent each - were the worst hit among 18 laggards in the index."RBI Working Group Norms A Step In Right Direction""The recommendations are a step in the right direction and would help bring in uniformity vis-a-vis licensing conditions for private banks.

Suggestions like hiking the cap on promoters' stake from 15-26 per cent will help ensure that promoters remain committed to the welfare and growth of the bank over the long-term," said Chandra Shekhar Ghosh, managing director and CEO, Bandhan Bank. "The observation that any potential benefits of future licensing guidelines should be passed on to existing banks is a welcome step."A Reserve Bank of India working group has recommended a series of changes that could transform the country's banking landscape by paving the way for large industrial conglomerates to set up banks.

The proposals could also allow large non-banking finance companies and niche payment banks to convert into lenders.In a report made public on Friday, the committee recommended that banking regulations be amended to allow large industrial houses to act as so-called bank promoters, meaning they could take a significant stake in a lender, something the central bank has strongly resisted in the past.Centre Likely To Report Current Account Surplus, Says Chief Economic AdvisorThe government is likely to report a current account surplus at the end of the current financial year ending in March 2021, mainly led by a fall in imports, the chief economic adviser at the ministry of finance said on Monday.Reliance Industries Rises As Fair Trade Regulator Clears Future Group DealReliance Industries - India's most valuable public company - advanced about 2 per cent after the Competition Commission its deal to buy Future Group's retail assets.Nifty IT Gains Nearly 2% As Technology Stocks JumpAll stocks but one in the Nifty IT index traded higher at noon.  Nifty IT: 1.80%Components: Larsen - Toubro Infotech: 4.67%Coforge : 2.58%Mindtree: 2.29%Tech Mahindra: 2.04%TCS: 1.93%Infosys: 1.76%Naukri: 1.56%Wipro: 1.39%HCL Tech: 1.07%MPhasis: -1.33%IT, Pharma Stocks Support Markets The rupee traded nearly unchanged at 74.13 against the US dollar.

It is still down 3.85 per cent so far this year. The Nifty IT and Nifty Pharma indices traded 1.72 per cent and 2.57 per cent higher respectively at noon.

Weakness in the rupee augurs well for export-driven sectors. Market LIVE Updates: Nifty Bank Index Drops Over 1%, Dragged By ICICI Bank, SBI, HDFC Bank The Nifty Bank index - which tracks stocks of 12 major lenders in the country - slumped as much as 1.31 per cent, having risen as much as 0.88 per cent earlier.

SBI, ICICI Bank, Axis Bank and HDFC Bank led the losses in the index. The Nifty Financial Services index slid as much as 1.55 per cent. Market Breadth Favours GainsOverall market breadth favoured gains, as 1,459 stocks on the BSE traded higher against 1,023 that declined.

On the NSE, 1,076 shares advanced while 711 declined in late-morning deals. India cannot afford more restrictions: IDBI Capital's AK PrabhakarMaharashtra could take a decision on a fresh lockdown within 8-10 days, the state's deputy chief minister reportedly said, according to news agency Reuters, citing a possible risk from large social gatherings during the just concluded festive season."If there's a lockdown, even in a small way, it cannot be a positive.

India cannot afford more restrictions," said AK Prabhakar, head of research at IDBI Capital.India, the world's second worst-hit nation by COVID-19, is likely to see its deepest economic contraction on record this fiscal year as businesses and incomes are hit by the pandemic.Markets Turn Volatile Amid Selling Pressure In Financial Shares The markets reversed direction with the emergence of selling pressure in banking and financial services shares, which had led gains in early deals.   The National Stock Exchange's India VIX index - which gauges the expectation of volatility in the near term - climbed up as much as 1.21 per cent.   Market LIVE Updates: Sensex Down Over 50 Points, Nifty Below 12,850At 10:53 am, the Sensex traded 55.90 points - or 0.13 per cent - higher at 43,826.35 and the Nifty was down 16.25 points - or 0.13 per cent - at 12,842.80.

Emergence of selling pressure in bank and financial services shares pushed the benchmark indices into negative territory.Bharti Infratel Subdued After Completing Merger With Indus TowerBharti Infratel shares edged lower by 0.65 per cent to Rs 481.45 on the BSE after the completion of its merger with Indus Towers to create a mega tower company.

Vodafone Group will hold a 28.12 per cent stake in the merged entity, while the holding of Airtel Group will be about 36.7 per cent.BEML Shares Jumped Over 2% On Bagging DMRC OrderBEML shares jumped more than 2 per cent after the company bagged an order from DMRC  for additional 12 trainsets of six cars each (total 72 cars) to operate on line 2B and 7 of Mumbai metro project.

The order is valued at Rs 501 crore, taking the total contract value to to Rs 4,318 crore.Reliance Industries Gains Over 2% After Gaining CCI Approval For Future DealReliance Industries shares gained 2.3 per cent to Rs 1,943.10 after the Competition Commission of India (CCI) cleared the conglomerate's $3.4-billion deal to buy Future Group's retail assets, thwarting Amazon.com's efforts to block the deal. The fair trade regulator announced its decision in a tweet on Friday, with details likely to be made public later.Market LIVE Updates: Reliance Industries, Infosys, TCS Top Boosts For SensexReliance Industries, Infosys, Tata Consultancy Services and Bajaj Finance were the biggest contributors to the gain in Sensex. Market LIVE: Banking Shares Continue RallyThe Nifty Bank - which tracks stocks of 12 major lenders in the country - rose as much as 0.88 per cent to 29,492.30 at the strongest level recorded in morning deals, compared to its previous close of 29,236.00.Sensex Up Over 200 Points, Nifty Holds 12,900 At 9:27 am, the Sensex traded 210.83 points - or 0.48 per cent - higher at 44,093.08, while the Nifty was up 60.75 points - or 0.47 per cent - at 12,919.80.Top gainers in the 50-scrip benchmark index were: IndusInd Bank: +3.45%Bajaj Finserv: +2.76%Reliance Industries: +2.11%NTPC: +1.74%Hindalco: +1.69%Top laggards: Bharti Airtel: -1.37%Mahindra - Mahindra: -1.10%HDFC: -0.97%Asian Paints: -0.97%Coal India: -0.91%Bharti Airtel, M-M and HDFC were the worst hit among 14 losers in the index.Sensex Hits Record High In Early Deals, Nifty Inches From All-Time HighThe S-P BSE Sensex index climbed up 388.9 points - or 0.89 per cent - to touch an all-time high of 44,271.15 in early deals, The broader NSE Nifty 50 benchmark climbed to as high as 12,962.10, up 103.05 points from its previous close, coming within one point of a record high of 12,963 registered last week. Sensex Opens 282 Points Higher, Nifty At 12,960 Amid Broad-Based GainsThe S-P BSE Sensex index opened 281.92 points - or 0.64 per cent - higher at 44,164.17 and the Nifty started the day at 12,960.30, up 101.25 points - or 0.79 per cent - from its previous close.

Gains across sectors, led by energy, metal, IT and financial stocks, pushed the markets higher. Airtel Shares In Focus TodayBharti Airtel shares will be in focus in today's session, after the private sector telecom major said it would acquire a 5.2 per cent stake in solar power company Avaada MHBuldhana for Rs 4.55 crore.

Avaada MHBuldhana is a new company, developing a captive generating solar power plant in Maharashtra which will become operational by March 2021.

It is a subsidiary of Avaada Energy.

(Read More On Stocks To Watch Today)Asian Stock Markets Edge Higher To Hit Record HighsEquity markets elsewhere in Asia moved higher with cautious gains.

MSCI's broadest index of Asia-Pacific shares outside Japan was last seen trading 0.38 per cent higher.Trading activity was thin in early deals, with Japanese markets closed for a holiday.

Japan's Nikkei futures added 0.16 per cent, and South Korea's Kospi was up 0.84 per cent.SGX Nifty Futures Touch 13,000 For First TimeThe Singapore Exchange's Nifty futures - an early indicator of the National Stock Exchange's benchmark Nifty 50 index - gained  146.45 points to touch 13,000.50 at the strongest level recorded ahead of the opening of Indian markets.

At 8:52 am, the SGX Nifty traded 119.75 points- or 0.93 per cent - higher at 12,973.80. Sensex, Nifty Likely To Open Higher Tracking Global CuesDomestic share markets are set to start the week on a positive note, after closing near record highs in the previous session, as hopes of a coronavirus vaccine continue to buoy investor sentiment globally. A broad gauge of Asian shares edged up to record highs on Monday morning amid coronavirus vaccines hopes, but worries over the impact of economic lockdowns and uncertainty over US stimulus capped gains.