Mumbai: India’s benchmark equity indices ended the day 1% higher on Thursday after Prime Minister Narendra Modi promised more reforms to lure foreign investors to India. There was, however, a bit of caution due to the expiry of the September series of future and option contract.

At close, Sensex was at 38989.74, up 1.03%, while the Nifty 50 gained 1.22% to 11573.30.

Global markets rose after US President Donald Trump said China trade deal could happen “sooner than you think," and falling international crude also boosted sentiment.

In Asia, Nikkei rose 0.13% while Hang Seng gained 0.4%. In Europe, FTSE 100 gained 1.17%, CAC 40 index 0.8% and DAX was up 0.5%. Among US, Dow Jones and S&P 500 closed 0.6% each.

Saudi Arabia restored its oil production capacity to 11.3 million barrels per day, three sources briefed on Saudi Aramco’s operations told Reuters, maintaining a faster than expected recovery after the 14 September attacks on its oil facilities.

Speaking at the Bloomberg Global Business Forum in New York that was attended by top executives of some of the world’s biggest companies, Modi said India will not shy away from taking the toughest decisions. “We will undertake necessary modifications on a regular basis on tax-related laws and to bring tax on equity investments on a par with global tax regime," Modi said.

Back home, among Sensex stocks, Vedanta Ltd was the top gainer, rising 7%, followed by Mahindra & Mahindra and Oil & Natural Gas Corp Ltd which rose 5.6% and 4.5%, respectively. Among laggards was Yes Bank that fell 4.8%, with Infosys Ltd and HCL Technologies declining 1% each.

Barring information technology and tech indices, all sectoral indices closed higher. BSE Metal Index was the top gainer, rising 4.2%, followed by BSE Realty and BSE Oil & Gas which gained nearly 2.7% and 2.5%, respectively.

Shares of Bharat Petroleum Corp Ltd, Container Corp Of India, and Shipping Corp Of India surged, backed by heavy volumes, after news report suggested government plans to sell its stake in these companies. Shares of BPCL were up 3.3%, Container Corp and Shipping Corp Of India rose 4.2% and 10.5%, respectively.

Shares of fraud hit-CG Power & Industiral Solutions Ltd rose 5% to hit a six-week high of 16.04. The stock has advanced over 85% in the last one month, hitting the 5% upper circuit in 15 of 21 sessions.