Sensex rallies 399 points, Nifty reclaims 11,000-level

Equity benchmark Sensex surged 399 points to settle at 37,419 on Monday, driven by gains in financial and IT counters while Asian markets continued to flounder amid a spike in global coronavirus cases.

The BSE touched the day's high at 37,479, before closing at 37,418.99, up 398.85 points or 1.08%. 

Similarly, the broader NSE Nifty rose 120.50 points or 1.11% to end at 11,022.20.

Bajaj Finance, Bajaj Finserv, HCL Tech, Tech Mahindra, Infosys, HDFC Bank and ICICI Bank were among the prominent gainers in the Sensex pack. On the other hand, Sun Pharma, NTPC, Maruti Suzuki, Kotak Mahindra Bank and L&T closed in the red.

Except for Nifty pharma which slipped by 1.6%, all sectoral indices at the National Stock Exchange were in the positive zone with Nifty IT up by 2.6%, financial service by 1.6%, private bank by 1.5% and auto by 0.5%.

Among stocks, FMCG major Britannia emerged as the winner of the day after surging by 5.1% to Rs 3,978.80 per share.IT major Wipro and Infosys advanced by 4.4% each while Tech Mahindra and HCL Technologies closed 4.3% and 4.2% higher respectively.

HDFC Bank gained by 2.8% to Rs 1,143.20 per share after the private sector lender reported nearly 20% jump in its Q1 net profit at Rs 6,659 crore. The other prominent gainers were Bajaj Finance, Bajaj Finserv, Hero MotoCorp and UPL. However, Sun Pharma dipped by 3.9% to Rs 483.95 per share and Cipla by 2.1%.

Meanwhile, Asian shares were downbeat as a spike in global coronavirus cases hung over markets. Investors awaiting efforts at the outcome of a European Union summit to put together fiscal stimulus plans to fight the pandemic.Hong Kong`s Hang Seng index faltered by 0.12% and South Korea`s Kospi was down by 0.14% but Japan`s Nikkei gained marginally by 0.09%. 

(With ANI inputs)