Market Wrap, July 20: Here's all that happened in the markets today

Indian stock markets continued their gaining streak and ended over 1 per cent higher on Monday, led by buying in financial and IT counters. The S&P BSE Sensex gained 399 points over 1.08 per cent to settle at 37,418.99 levels while NSE's Nifty breached the crucial 11,000 level to end the session at 11,022, up 120.50 points or 1.11 per cent. 

Telecom stocks were in focus amid the Adjusted Gross Revenue (AGR) hearing in the Supreme Court in the last hour of the trade. Vodafone Idea witnessed a highly volatile session and ended flat at Rs 8.95, up 0.79 per cent following the observations by the Supreme Court in the case. The Counsel for Vodafone Idea said in the apex court that the total revenues over 10 years were Rs 6.27 trillion, of which Rs 4.95 trillion was spent on expenses. Besides, the entire net worth of the company has been wiped out over the last 15 years.

Bharti Airtel ended nearly 2 per cent higher at Rs 578.50 on the BSE while Tata Teleservices was up 5 per cent at Rs 3.66. 

Besides, HDFC Bank ended 3 per cent higher at Rs 1,132.80 on the BSE after the private sector lender reported a 20 per cent year-on-year (YoY) growth in net profit at Rs 6,659 crore for the April-June quarter (Q1FY21), supported by operational income. The stock was the biggest contributor to the Sensex's gains, followed by Infosys, ICICI Bank, Bajaj Finance, and HCL Tech. 

Mahindra & Mahindra Financial Services (MMFSL) ended over 10 per cent higher at Rs 229.60 after the company said its board approved a 1:1 rights issue at Rs 50 per share, amounting to Rs 3,089 crore.

Among sectoral indices on the NSE, barring Nifty Pharma, all the other indices ended in the green. Nifty IT rallied the most - up 2.6 per cent to 17,258 levels. Nifty Bank gained 1.6 per cent to 22,321.85 levels. Nifty Pharma, on the other hand, slipped 1.6 per cent to 10,304.60 levels. 

Broader markets, too, participated in the rally. The S&P BSE MidCap index rose 0.9 per cent to 13,654 points while the S&P BSE SmallCap index gained 1 per cent to 12,915 levels.