Equity market ended on a positive note on Monday as Drugs Controller General of India's (DCGI) approval to select pharma companies to manufacture and market "potential" Covid-19 drugs lifted investor sentiment, resulting in broad-based buying.
Glenmark Pharmaceuticals was the stock of the day as the scrip ended 27 per cent higher at Rs 520 on the BSE after the company said it has launched antiviral drug Favipiravir, under the brand name FabiFlu, for the treatment of patients with mild to moderate Covid-19. The stock hit a 52-week high of Rs 572.70 during the session.
Headline index, S&P BSE Sensex, gained 180 points or 0.52 per cent to settle at 34,911.32, with Bajaj Auto (up around 7 per cent) being the top gainer and HDFC (down over 1 per cent) the biggest loser.
On the NSE, the broader Nifty50 index ended above 10,300-mark at 10,311, up 67 points or 0.65 per cent. of 50 constituents, 37 advanced and 13 declined.
In the broader market, both mid and small-cap indices outperformed the benchmarks. The S&P BSE MidCap index rose 2 per cent and the S&P BSE SmallCap gained around 1.4 per cent.
Sectorally, barring IT stocks, all the other indices ended in the green. Nifty Bank rallied 1.74 per cent while Nifty PSU Bank jumped nearly 4 per cent to 1,473.60 levels.
IT stocks were under pressure as the US President Donald Trump said late on Saturday he would announce new restrictions on visas within a couple of days to block the entry of certain foreign workers and protect Americans struggling with a job market devastated by the coronavirus pandemic. Nifty IT index ended 0.25 per cent lower at 14,464 levels.
Besides Glenmark, other stocks that were in focus included RIL, and Cipla.
Cipla hit a fresh 52-week high of Rs 696 on the BSE after the company launched the generic version of Gilead Sciences' Remdesivir, lyophilized powder for injection, 100 mg under its brand name 'Cipremi'. The stock ended at Rs 655.80, up 3 per cent on the BSE.
Reliance Industries (RIL) hit a fresh lifetime high of Rs 1,804.10 on the BSE during the day. It became the first Indian firm to hit a market valuation of $150 billion, helped by a continuous rally in its share price. The stock, however, ended 0.7 per cent lower at Rs 1,747.