Sensex gains 275 points & Nifty up by 94 points as auto stocks surge
- Indian markets opened higher as even
SGX Nifty, an early indicator of the market signaled positive cues.
- This week investors will watch out for monthly auto sales by companies, RBI policy meeting outcome, US employment data, corporate earnings and flows by FIIs.
- ITC, UPL, Zomato among stocks to watch out for on August 1.
Apart from this, monthly auto sales is another event the market will closely watch to understand rural demand and inflation impact on the economy. Shares of automakers are the top performers today. Mahindra & Mahindra surged 6%, Tata Motors spiked 3.66%, Maruti Suzuki and Hero MotoCorp were up 3% each.
Sensex was up 0.48% or 275 points at 57,846 and Nifty 50 was up 0.55% or 94 points at 17,250.
Rising prices of commodities like crude oil, gold are also keeping investor momentum high. Prices of crude oil declined as investors awaited this week's meeting of officials from OPEC and other top oil producers on supply adjustments.
“The precious metal's prices resumed their upward trend after breaking the losing streak in the previous week and ended with gains of more than 2%. Following a week of pressure, gold is already showing signs of recovery. The US economy unexpectedly shrinking in the second quarter increased the risk of an economic slump, which increased gold's appeal as a safe haven and contributed to the increase,” Saish Sandeep Sawant Dessai, research associate, base metals at Angel One.
Last week, benchmark indices Sensex and Nifty50 saw a good rally followed by inflows from FIIs and dovish monetary policy tightening by the US.
Today, investors will watch out for the quarterly earnings of ITC and Zomato. UPL, Max Financial Services, Ramco Cements, Bajaj Consumer Care, Barbeque Nation Hospitality, Castrol India, Eveready Industries India, Punjab & Sind Bank, Zomato are other companies that will report their quarterly results.
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