Indian shares ended Monday’s session notably higher as automakers reported a healthy growth in wholesale numbers in July and goods and services tax (GST) collections came in at an impressive Rs 1.16 lakh crore in the month to hit a three-month high.
Global cues were also positive, with equity markets rising across Asia and Europe despite the latest batch of manufacturing reports from the region proving to be a mixed bag.
U.S. stock futures traded higher in early pre-market trade as earnings optimism prevailed and some of the concerns about China’s regulatory crackdown eased.
Risk appetite was boosted after the U.S. Senate on Sunday finalized the text of its $1 trillion bipartisan infrastructure bill. The legislation will next be introduced to the Senate.
Closer home, India’s manufacturing sector expanded at the strongest pace in three months in July, amid a rebound in production and demand that led to an increase in hiring for the first time in over a year, a survey showed. The corresponding PMI rose to 55.3 from 48.1 in June.
The benchmark 30-share BSE Sensex rose 363.79 points, or 0.69 percent, to 52,950.63, with realty, IT and auto stocks leading the surge. The broader NSE Nifty index ended the session up 122.10 points, or 0.77 percent, at 15,885.15.
Titan rallied 3.6 percent ahead of its earnings release while Eicher Motors, Adani Ports, BPCL and Shree Cement all rose around 3 percent.
On the flip side, Tata Steel dropped 1.5 percent and UPL lost 2.3 percent.
Raghav Productivity Enhancers jumped 5 percent on news that Rakesh Jhunjhunwala will invest Rs 31 crore in the industrial goods company.
Indian Railway Catering and Tourism Corporation (IRCTC) soared 6 percent on stock-split news.
Market Analysis
Sensex Rises 364 Points On Global Cues; Nifty Ends At 15,885
2021-08-02 10:59:05
