Closing Bell: Nifty above 16, 600, Sensex adds more than 1000 points; IT, Realty stocks shine

A strong buying interest in IT, Realty and Consumer Durable stocks helped market extend gains for the third straight session as benchmarks ended higher by nearly two per cent on Monday.

The broader Nifty 50 close above 16, 600, while the Sensex gained around 1000 points.  

The support also came from small cap and mid cap stocks as Nifty midcap and smallcap rose nearly 2% and 3% respectively.  

"Benchmark Indices were up 2% in afternoon trade today led by IT, Auto & state owned banks buoyed by global cues, a pause in the upward trajectory of the Dollar Index and early arrival of monsoon in the state of Kerala," said  S Ranganathan, Head of Research at LKP securities. 

The broader markets too mirrored the same trend with both the Midcap & Smallcap indices rising 2% in today's trade, he said. "We did witness keen interest in Footwear, QSR and Realty stocks with many of them recording smart up-moves," the expert added.

Among sectoral indices, Nifty IT, Realty and Consumer Durables gained around four per cent as all other sectoral indices, except Pharma that saw some selling pressure, ended higher.  

Mahindra and Mahindra was the top gainer on the benchmarks after the auto major reported healthy q4 earnings. Titan, Infosys, Adani Ports, L&T, HCL Tech, RIL and Tech Mahindra were other lead gainers on Monday.  

Kotak Bank declined the most. It was followed by JSW Steel, Sun Pharma, Dr Reddy's and NTC