Sensex gains 395 points amid broad based buying

Equity frontline indices closed 0.7 per cent higher on Monday amid strong gains in metal, realty and banking stocks.

Though market sentiment remained positive, there was some cautiousness observed in investor behaviour as a survey by IHS Markit showed that activity in main services sector fell dramatically in June due to limitations to curb a return of coronavirus infections.

At the closing bell, the BSE S&P Sensex was up by 395 points or 0.75 per cent at 52,880 and the Nifty 50 ticked higher by 112 points or 0.71 per cent to 15,834.

Except for Nifty IT and pharma, all sectoral indices at the National Stock Exchange were in the positive terrain with Nifty realty gaining by 2.7 per cent, metal by 1.1 per cent and private bank by 1 per cent.

Among stocks, Hindalco gained by 3.8 per cent to Rs 390.35 per share. Tata Steel was up by 1.2 per cent, JSW Steel by 1.3 per cent, State Bank of India by 2.2 per cent, Axis Bank by 1.3 per cent and Eicher Motors by 1.7 per cent.

Realty major DLF surged by 3.5 per cent to close at Rs 293.75 per share while Godrej Properties advanced by 3.8 per cent to close at Rs 1,442.70.

However, those which lost were Tech Mahindra, HDFC Life, HCL Technologies, Britannia, Titan, Cipla and Wipro.

Meanwhile, most Asian stocks were mixed after a US jobs report signalled the economic recovery remained intact.

Japanese markets were down with the Nikkei falling 0.64 per cent following a surge in Covid-19 infections in Tokyo, just weeks before the city hosts the Olympics.

Hong Kong's Hang Seng index fell by 0.59 per cent but South Korea's Kospi was up by 0.35 per cent.

( With inputs from ANI )