Stock market benchmark indices SENSEX and NIFTY surged nearly 1% on Monday amid renewed hopes that the US Federal Reserve will start cutting interest rates soon.

Traders said foreign fund inflows and buying in frontline stocks HDFC Bank and Reliance Industries also drove the markets higher.

Benchmark indices closed higher on Monday, with NIFTY50 up 0.76% and SENSEX gaining 610 points. In the NIFTY50 space, 33 stocks advanced. HCLTech, Hindalco and NTPC were among the top gainers.

Value fashion retailer Baazar Style Retail Ltd on Monday said it has fixed a price band of ₹370-₹389 per share for its ₹835-crore Initial Public Offering (IPO).

The initial share sale will open for public subscription on August 30 and conclude on September 3, the company announced.

The proposed IPO is a combination of a fresh issue of equity shares worth ₹148 crore and an Offer for Sale (OFS) of up to 1.76 crore shares valued at ₹687 crore at the upper end of the price band by promoter group entities and other selling shareholders.

Benchmark indices are trading higher on Monday, with NIFTY50 up 0.81% and SENSEX gaining 680 points. In the NIFTY50 space, 39 stocks advanced. Hindalco, ONGC and NTPC were among the top gainers.

State-owned engineering firm Bharat Heavy Electricals Ltd (BHEL) on Monday said it has secured an order worth over ₹11,000 crore excluding GST for setting up three thermal power projects.

BHEL on Sunday (August 25) has signed a contract with Adani Power and its subsidiary (Mahan Energen Ltd) for the supply of equipment (Boiler, Turbine, Generator) and the supervision of the erection and commissioning processes for three power projects, a BSE filing stated.