Indian equity benchmark indices, Sensex and Nifty ended at over three-month highs on Monday as gains in financials, metals, pharma and auto stocks outweigh the impact of a record surge in domestic coronavirus cases.

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The Sensex ended 179.59 points or 0.52 percent higher at 34,911.32 while the Nifty gained 66.80 points or 0.65 percent to settle at 10,311.20. Broader markets, Nifty Midcap and Nifty smallcap indices gained 1.59 percent and 2.31 percent, respectively.

However, last hour profit booking dragged indices to end off day's high.

Index heavyweight Reliance Industries hit a market cap of $150 billion with the stock hitting record high of Rs 1,804.10 per share. Financial Heavyweights such as Kotak Mahindra Bank, ICICI Bank, Bajaj Finance and Axis Bank lifted Nifty above 10,300 levels.

Barring IT, all other Nifty sectoral indices ended with gains. Nifty PSU Bank gained the most over 3 percent followed by Nifty Metals, Nifty Pharma, Nifty Auto and Nifty Media.

Bajaj Auto, Bajaj Finance, Bajaj Finserv, Coal India and Vedanta Industries led the gains among Nifty50 constituents while Wipro, GAIL India ONGC, HDFC and Hindalco Industries were the top losers.

Shares of Glenmark Pharmaceuticals ended over 27 percent higher after the pharma company launched antiviral drug Favipiravir, under the brand name FabiFlu, for the treatment of mild to moderate COVID-19 cases in India. During the day, the stock rallied 40 percent hit a fresh 52-week high of Rs 572.70 apiece.

The share price of LIC Housing Finance ended over 5 percent lower after the company reported weak earnings in the fourth quarter of fiscal 2020. The company reported a 39 percent fall in its consolidated net profit to Rs 424.31 crore in Q4FY20 as against Rs 696.91 crore in the year-ago period.

Cipla ended over 2 percent higher after the company launched remdesivir for the treatment of adult and paediatric COVID-19 patients. The company has launched remdesivir under the brand name Cipremi. During the day, the stock surged over 9 percent to hit a new 52-week high.

"Volumes on the NSE were higher than normal with Telecom, Banks/NBFCs, Auto and Materials shares rising while IT And Oil & Gas underperforming. Technically, the Nifty has formed a doji after a three day rise suggesting pause and possibly a minor reversal from here. On upmoves, 10,394-10,458 could offer resistance while 10,167-10,244 could offer support," said Deepak Jasani, Head Retail Research, HDFC Securities.

Globally, a recovery in world stocks faltered on Monday as the threat of rising coronavirus infections in parts of Europe and the United States curbed risk appetite, boosting demand for safe-haven gold.

First Published:Jun 22, 2020 3:33 PM IST