Daily Markets - Aug 2, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity benchmarks pushed further up in the last hour of trade on Aug 02 after opening gap up. Nifty opened higher, remained in a range before seeing some see-saw movement between 1400 Hrs and 1500 Hrs. It finally closed near the high of the day gaining 0.77% or 122 point to close at 15885.

Volumes however did not support this upmove as the gains were more led by reluctance to sell rather than aggressive buying. Realty. Oil & Gas, Auto and It were the main gainers.

The IHS Markit India Manufacturing Purchasing Managers' Index stood at 55.3 in July compared with 48.1 in June, according to a media statement. That's the fastest pace of growth in three months.

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

Nifty has opened the week on a strong note with sharply higher advance decline ratio. A follow through upmove is likely over the next few days and Nifty could remain with an upward bias in the 15817-15962 band.

Source : Equity Bulls

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