Shaking off Brexit jitters, the market rallied nearly 216 points on the back of a string of government measures aimed at reviving the economy and talk that the GST Bill may be passed in the upcoming monsoon session of Parliament.
Auto and retail stocks were the big movers after the government approved implementation of the Seventh Pay Commission for its employees and pensioners.
There was more upside in store after the government asserted that it has “enough” numbers on its side for passage of the GST Bill in the monsoon session, which commences on July 18.
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The Sensex stayed in the positive terrain throughout and closed up 215.84 points, or 0.81 per cent, at 26,740.39.
The Nifty took back the crucial 8,200 level and ended the day at 8,204.00, a gain of 76.15 points, or 0.94 per cent — its biggest single-session jump since June 15.
In the 30-share Sensex pack, 24 scrips ended higher and one remained unchanged.
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Hero MotoCorp emerged the top gainer, climbing 3.95 per cent on hopes that vehicle sales might pick up after the government cleared Seventh Pay panel recommendations.
Bajaj Auto, M&M, Maruti Suzuki and Tata Motors all advanced by up to 1.53 per cent. NTPC too rose 2.36 per cent, followed by Wipro 2.21 per cent, Power Grid 2.60 per cent and TCS 1.54 per cent.
Broader markets too were in a bullish form, with BSE small-cap rising 1.31 per cent and the mid-cap climbing 0.98 per cent.