Market Close: Sensex gains close to 300 points

Indian equity market gained handsomely following global cues. The governments of US-China agreed to set aside newly proposed trade tariff hikes and continue to resolve trade difference through talks.

The BSE Sensex closed at 39,686.50, up by 291.86 points or 0.74 per cent, while Nifty50 closed at 11,865.60, up by 76.75 points or 0.65 per cent on Monday.

Among the top gainers on Nifty were Dr. Reddy, IndiaBulls Housing, NTPC, Eicher Motor, Bajaj-Auto, while on Sensex Tata Motors, HDFC, IndusInd Bank, HDFC Bank and Reliance were the frontrunners. While the top losers were Ultra Cement, IOC, BPCL, HCL Tech, InfraTel, Vedanta, Asian Paint, HUL, Maruti and ONGC.

The index heavyweights that were boosting the Sensex's uptrend were HDFC contributing positive 92.43 points, HDFC Bank 82.65 points and Reliance 52.28 points, supported by TCS, Bajaj Auto and IndusInd Bank. While the index stocks that were putting downward pressure were ONGC contributing negative 18 points, HCL Tech 8 points, HUL 5 points and Maruti 3 points.

Sectorally, all index closed in green except for Nifty IT and Nifty Metal. The indices that gained the most were Nifty Media up by 2.60 per cent, Realty up by 2.46 per cent, Nifty Pharma 1.41 per cent and Nifty Auto 1.28 per cent.