Markets begin week on bullish note
Mumbai: Equity benchmarks opened the week with robust gains on Monday as strong corporate results, supportive macroeconomic data and a bullish trend overseas turbocharged sentiment. Auto stocks were propelled by recovery in July sales numbers, while IT counters also saw brisk buying.
The 30-share BSE Sensex rallied 363.79 points or 0.69 per cent to finish at 52,950.63, while the broader NSE Nifty surged 122.10 points or 0.77 per cent to 15,885.15.
Titan was the top gainer in the Sensex pack, spurting 3.25 per cent, followed by M&M, Reliance Industries, Axis Bank, TCS, Maruti and Infosys.
HDFC gained 0.88 per cent after the country's largest mortgage lender reported a 31 per cent jump in its consolidated net profit at Rs 5,311 crore for the June quarter.
On the other hand, Tata Steel, Bajaj Finserv, Bajaj Finance, NTPC, Dr Reddy's and HDFC Bank were among the laggards, shedding up to 1.66 per cent.
On the macroeconomic front, India's manufacturing sector activities witnessed the strongest rate of growth in three months in July amid improved demand conditions and easing of some local COVID-19 restrictions, a monthly survey said on Monday.
The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose from 48.1 in June to 55.3 in July -- the strongest rate of growth in three months.
All sectoral indices ended with gains, with BSE realty, oil and gas, energy, consumer durables and auto indices climbing as much as 4.88 per cent.
Broader BSE midcap and smallcap indices rose up to 1.07 per cent.
Elsewhere in Asia, bourses in Shanghai, Seoul, Tokyo and Hong Kong ended with significant gains.
Stock exchanges in Europe were also trading on a positive note in mid-session deals.
Meanwhile, international oil benchmark Brent crude declined 1.35 per cent to $74.39 per barrel. The rupee gained 8 paise to close at 74.34 against the US dollar on Monday, supported by a firm trend in domestic equities and a weak American currency overseas.
