SYDNEY — Australian shares rose for a second straight session on Monday, shrugging off a weak lead from Wall Street as banks and defensive stocks offset another sell-off in technology shares, while annuities provider Challenger surged on a takeover proposal.

The S&P/ASX 200 index was up 37 points, or 0.42%, at 8,843.7 during the closing auction, after touching an intraday high of 8,849.9. The gain lifted the benchmark back above its 200-day moving average, a closely watched technical indicator.

The rise extended Friday's strong rally, when the index climbed 1% to 8,806.7 in its best one-day performance since early August. The ASX 200 posted its third consecutive weekly gain last week.

Defensive sectors lead

Gains were concentrated in defensive parts of the market, including utilities, industrials, consumer staples and banks, which attracted buying as investors sought shelter from volatility in global technology stocks, according to Market Index.

Energy and financial stocks also rose, while gold miners and technology shares weighed on the market.

The strength in banks was notable after financial stocks lagged during Friday's........

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