The key equity benchmarks were trading near the day's high with strong gains in afternoon trade. The Nifty continued to hold above the 17,275 mark. Auto and media shares were in demand. On the other hand, FMCG, pharma and healthcare shares declined.
At 13:22 IST, the barometer index, the S&P BSE Sensex, was up 360.03 points or 0.63% to 57,930.28. The Nifty 50 index gained 121.35 points or 0.71% to 17,279.60.
In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index were up 1.15% each.
The market breadth was strong. On the BSE, 2197 shares rose and 1148 shares fell. A total of 199 shares were unchanged.
Mahindra & Mahindra (M&M) (up 6.43%), Tata Motors (up 4.80%), Adani Ports and Special Economic Zone (up 4.51%), Cipla (up 2.69%) and Hindalco Industries (up 2.46%) were top Nifty gainers.
Sun Pharmaceutical Industries (down 2.84%), Hindustan Unilever (down 1.81%), HDFC Life Insurance (down 1.46%), Britannia Industries (down 1.32%) and Tata Consumer Products (down 1.02%) were major Nifty losers.
M&M jumped after the company said it recorded 1,00,000 bookings for the All-New Scorpio-N within 30 minutes of the booking commencement at 11:00 am on Saturday, 30 July 2022. The sales translated into an ex-showroom value of about Rs 18,000 crore. The deliveries of the All-New Scorpio-N will begin 26 September 2022, onwards.
Economy:
India collected Rs 1,48,995 crore as Goods and Services Tax (GST) in July, posting an increase of 28% from the same month last year, the finance ministry said on 1 August. This is second highest revenue since introduction of GST. Compared to the money collected in June, the July GST mop-up was 3% higher.
Of the total GST collections, Central GST was Rs 25,751 crore, while State GST was Rs 32,807 crore. Integrated GST was Rs 79,518 crore and cess was Rs 10,920 crore.
Meanwhile, India's eight core sectors recorded a growth of 12.7% in June, slowing from an upwardly revised 19.3% in May, the commerce ministry said yesterday. Output in seven of the eight core sectors grew in June. Production of coal rose 31.1% year on year in June, and electricity generation rose 15.5%. Refinery products output grew 15.1% while fertilisers production gained 8.2% in June from a year earlier. Cement production rose 19.4% while steel output gained 3.3%in June. Crude oil output declined 1.7% from a year earlier. Natural gas output gained 1.2% in June.
Global Markets:
Shares in Europe and Asia advanced on Monday. Investors digested a fresh swathe of corporate earnings and key economic data out of the euro zone last week.
China's factory activity actually contracted in July as fresh virus flare-ups weighed on demand. The official manufacturing purchasing managers' Index (PMI) fell to 49.0 in July. The official non-manufacturing PMI in July fell to 53.8 from 54.7 in June. The official composite PMI, which includes manufacturing and services, fell to 52.5 from 54.1.
US stocks climbed for a third consecutive session on Friday as investors digested strong tech earnings and looked past concerns about high inflation and a recessionary environment.
On Friday, investors also got the final reading of the University of Michigan Consumer Sentiment Index, which came in at 51.5 for July. That's a slight improvement over the preliminary reading and up from the June all-time low of 50.
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