Markets march higher on strong Q1, global cues

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.

"Domestic equities recovered sharply as positive cues from global equities and strong rebound in auto supported benchmarks. Further, modest recovery in financials, IT and pharma also supported market, he said, adding that realty stocks were in focus after sharp improvement in property registrations in Mumbai for July, while decent improvement in monthly auto sales volume aided original equipment manufacturers (OEMs). Key sectoral indices traded in green, while volatility index broadly stood flat," said Binod Modi, head (strategy) at Reliance Securities. "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," said Vinod Nair, head (research) at Geojit Financial Services.