Sensex and Nifty closed on a bullish note on Monday in line with the overseas trend amid foreign fund inflows. Amid buying rally in drug stocks, Sensex closed 179 points higher to 34,911 and Nifty ended 66 points higher to 10,311.
Reliance Industries, Bajaj Finserv, Bajaj Finance, Bajaj Auto, IndusInd Bank and ICICI Bank were among the top Sensex gainers. On the contrary, TCS, ONGC, M&M and Infosys were among the top laggards.
As per industry experts, markets today focused on regulatory approvals to domestic pharma companies to manufacture Covid-19 treatment drugs. With this, the pharma index was among the major sectoral gainers today, along with PSU banks, metal and media stocks.
Expressing views on market movement today, S Ranganathan, Head of Research at LKP Securities said,"Market closed well above the mark as the Bajaj Trio led the rally today and was well supported by the Banking & Pharmaceutical stocks. The Covid-19 drug had a feel-good factor across a wide section of the broader market led primarily by Glenmark as we did see profit-taking in late afternoon trade."
Overseas, Asian indices traded mixed as investors remained focused on the suspected second wave of Covid-19 cases in US and China. Wall Street closed slightly lower after WHO said coronavirus has entered a "new and dangerous phase" and Apple Inc said on Friday it would temporarily shut 11 US stores.
European markets rose on Monday as investors focused on economic data and the EU's proposed fiscal stimulus.
Meanwhile, companies set to announce their earnings are GTL, Info Edge, Aegis Logistics, Apollo Hospitals, Sudarshan Chemicals, Morepen Labs, GE Power, NDTV, On mobile Global and Skipper among others.
On Nifty's near term outlook, Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking said,"On the daily chart, the index has been trading within a 'Rising Wedge' formation and the higher end of the pattern is in the range of 10500-10600. The intraday supports for the index are placed around 10260 and 10210 whereas resistances are seen around 10440 and 10500."
On the currency front, Rupee, the local unit ended at 76.03 per dollar against its previous close of 76.18 per dollar.