Disclaimer: We may earn a commission if you make any purchase by clicking our links. Please see our detailed guide here.

Follow us on:

Google News
Whatsapp

Healthy Data, Global Cues Buoy Indices; Realty Stocks Gain

IANS
IANS
Meet the voice behind Indo-Asian News Service (IANS), a storyteller navigating the currents of global events with precision and depth. Crafting narratives that bridge cultures, IANS brings you the pulse of the world in every word

Join the Opinion Leaders Network

Join the Techgenyz Opinion Leaders Network today and become part of a vibrant community of change-makers. Together, we can create a brighter future by shaping opinions, driving conversations, and transforming ideas into reality.

Hopes of a faster economic rebound, healthy auto sales, GST collection, and PMI data lifted India’s equity markets on Monday.

Besides, IMD’s latest forecasts, which showed that the 2021 monsoon appears set to exceed the long period average, supported the market’s upmove.

The equity markets had a gap-up opening due to positive global cues and investors’ optimism over healthy Q1FY21 results.

Sector-wise, realty, oil and gas, auto, and IT indices gained the most.

Consequently, the BSE Sensex ended at 52,950.63 points, higher by 363.79 points or 0.69 percent from its previous close.

The Nifty50 on the National Stock Exchange closed the day’s trade at 15,885.15, higher by 122.10 points or 0.77 percent from its previous close.

“Nifty opened higher, remained in a range before seeing some see-saw movement… Volumes however did not support this up-move as the gains were more led by a reluctance to sell rather than aggressive buying,” said Deepak Jasani – Head of Retail Research at HDFC Securities.

“Asian stocks rallied Monday as some of the concerns over China’s regulatory crackdown eased and progress on a US infrastructure spending plan aided sentiment. European equities kicked off August with a bang, rising to a new record on earnings updates.”

According to Vinod Nair, Head of Research at Geojit Financial Services: “Tracking global sentiments, vibrant domestic sectors like realty, auto, IT and chemicals provided an edge to Indian equities. Recovery is seen in July auto sales and an improved outlook for real estate due to a surge in property registrations helped these sectors to trade higher.”

“$1 trillion infrastructure spending package in the US provided better prospects to the core economy, aiding global markets to start the month on a strong footing.”

Join 10,000+ Fellow Readers

Get Techgenyz’s roundup delivered to your inbox curated with the most important for you that keeps you updated about the future tech, mobile, space, gaming, business and more.

Recomended

Partner With Us

Digital advertising offers a way for your business to reach out and make much-needed connections with your audience in a meaningful way. Advertising on Techgenyz will help you build brand awareness, increase website traffic, generate qualified leads, and grow your business.

Power Your Business

Solutions you need to super charge your business and drive growth

More from this topic