BENGALURU, Aug 1 (Reuters) - Indian shares kicked off August
on a positive note on Monday, with benchmark indexes hitting a
three-month high led by a rally in automobile stocks on the back
of robust monthly sales data.
At the close of trading, the NSE Nifty 50 index rose
1.06% to 17,340.05 and the S&P BSE Sensex climbed 0.95%
to 58,115.50. Both the indexes jumped to their highest since
April, after logging their best month since November 2020 in the
The sentiment is boosted by positive global cues, foreign
investors buying in July and fall in oil prices, said Anita
Gandhi, a whole-time director at Arihant Capital Markets.
Foreign investors purchased a net $618.05 million worth of
Indian equities in July, marking the first monthly inflow of
funds since September 2021, according to Refinitiv data.
Meanwhile, India's factory activity expanded at its quickest
pace in eight months in July, driven by growth in orders and
output as demand continued to improve, a private survey showed.
Oil prices on Monday dropped after weak July manufacturing
data from China and Japan weighed on the demand outlook, while
investors awaited this week's meeting of officials from OPEC and
other top producers on supply adjustments.
In domestic trading, Tata Motors Ltd and Mahindra
and Mahindra Ltd were the top gainers on the Nifty 50
index, climbing 6.6% and 6.3%, respectively.
Tata Motors reported a 52% jump in total domestic sales in
July from a year ago, and Mahindra and Mahindra said domestic
passenger vehicles sales rose 33% last month. (https://bit.ly/3zq0AO7)(https://bit.ly/3cZPyId)
The Nifty auto sub-index rose 3.3% to scale an
all-time high and was the best-performing.
Among other individual stock moves, agrochemicals maker UPL
Ltd climbed 3.5% after posting a 29.5% jump in
quarterly net profit. (https://bit.ly/3OPQjRl)
Globally, stocks hit seven-week highs on Monday, buoyed by
recent strong corporate earnings and easing concerns about hefty
interest rate hikes.
(Reporting by Rama Venkat in Bengaluru and additional reporting
by Gaurav Dogra; Editing by Sherry Jacob-Phillips and Dhanya Ann