Equities gain on firm global cues, Nifty IT up 3.6 pc

Equity benchmark indices traded firm on Monday in line with Asian markets on hopes that US President Donald Trump could soon be discharged from hospital after responding well to COVID-19 treatment.

Equity benchmark indices traded firm on Monday in line with Asian markets on hopes that US President Donald Trump could soon be discharged from hospital after responding well to COVID-19 treatment. The BSE S&P Sensex closed 277 points or 0.71 per cent higher at 38,974 while the Nifty 50 gained by 86 points or 0.76 per cent at 11,503.

Except for Nifty PSU Bank, all sectoral indices at the National Stock Exchange were in the green with Nifty IT moving up by 3.6 per cent, metal by 2.6 per cent and pharma by 2 per cent. Among stocks, Tata Consultancy Services jumped by 7.5 per cent to Rs 2,713.95 per share, Wipro by 7 per cent, Infosys by 2.9 per cent and Tech Mahindra by 2.7 per cent.

Metal majors too witnessed handsome gains with Tata Steel moving up by 4.9 per cent, JSW Steel by 3.2 per cent and Hindalco by 3 per cent. Sun Pharma and IndianOil Corporation also traded with a positive bias. However, those which lost were Bajaj Finserv, Bajaj Finance, Bajaj Auto, Bharti Airtel, GAIL and Power Grid Corporation.

Meanwhile, Asian stocks rose following hopes that US President Donald Trump could be discharged from hospital later in the day, easing some of the political uncertainty that shook global bourses in the previous session. Trump was flown to hospital for treatment for the coronavirus on Friday but his doctors say he has responded well and could return to the White House later on Monday.

Japan's Nikkei rose by 1.23 per cent, Hong Kong's Hang Seng was up by 1.32 per cent and South Korea's Kospi ticked up by 1.29 per cent. China's financial markets were closed for a public holiday. (ANI)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)