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The Nifty Auto index closed 1.23 per cent up at 12783.0.

Asian currencies jumped after U.S. data - showing service-sector activity unexpectedly contracted in December, while wage growth slowed more than expected - backed expectations that the Fed will opt for a smaller 25 basis points hike at its Feb. 1 meeting.

“Opening such investments to retail investors will act as a step towards democratising wealth creation and providing diversification benefits to retail investors. Retail investors usually have access only to traditional securities, primarily listed equities or fixed deposits,” Kundan Shahi, CEO of LegalPay said.

"If we feel that the rates are to be taken a little up or down, we will be doing that looking at the market conditions. The GSEC tenure may not remain at one level and it has moved very widely. There are wide swings in GSEC and also the market over the last one year. If we feel that after one year it needs some moderation, it will be moderated and whatever contribution comes from that period will have that guarantee."

"​​If we are able to take policy measures to get portfolio flows or to get foreign flows or to get the domestic liquidity much better, we need to watch. If not, we think interest rates could be a dampener this year. The currency could be a lot weaker, We could see liquidity being available for growth requirements moderate and that could have an impact on potentially the leverage demand for SMEs."

Given that the credit-to-deposit (CD) ratio for the banking system is expected to continue firming up, overall gross bond issuances is expected to create an all time high of Rs. 1.3-1.4 lakh crore by the end of the current fiscal year, domestic rating agency ICRA has estimated.

U.S. yields tumbled on Friday after data showed domestic wages rose less than expected last month and new jobs increased more than expected, while service-sector activity shrank for the first time in more than 30 months.

The reviving credit growth, better margin prospects, lower FPI ownership, lower imminent risk of a rise in credit costs, and the large valuation discount makes public sector bank stocks a preferred bet for Credit Suisse over private banks.

Fresh positions built up by participants led to the rise in gold prices, analysts said.

The Relative Strength Index of the stock stood at 54.94 on Monday.