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    Bulls roar on D-street! Sensex jumps 545 pts; Nifty ends above 17,300

    Synopsis

    Extending its gains in the new month, Mahindra & Mahindra (M&M) hit new life highs on Monday as the company recorded a strong booking response to its newly launched Scorpio N.

    Bulls roar on D-street! Sensex jumps 545 pts; Nifty ends above 17,300iStock
    Indian shares kicked off August trading on a positive note as the benchmark indices extended their gains to the fourth straight session.

    Led by the auto pack, the 30-share pack Sensex jumped 545.25 points or 0.95 per cent to close at 58,115.50. Its broader peer, Nifty50, also rose 181.80 points or 1.06 per cent to close above the 17,340.05 mark.

    The metal index advanced more than 3 per cent today, with Tata Motors and M&M rising over 6 per cent, while Sona BLW Precision surged 4 per cent while Ashok Leyland added 3 per cent.

    Extending its gains in the new month, Mahindra & Mahindra (M&M) hit new life highs on Monday as the company recorded a strong booking response to its newly launched Scorpio N.

    The homegrown automajor recorded 100,000 bookings for the Scorpio-N within 30 minutes of the booking commencement at 11:00 am on Saturday, the company said in a statement.

    However, Sun Pharma was the top loser from the 30-share pack, falling 2.6 per cent. HUL, IndusInd Bank, Nestle India and Asian Paints also settled with cuts.

    The uptrend continues in the market as the bulls' invasion of the 17,000-17,500 zone continues. The trend is likely to remain positive as long as the benchmark index sustains above 200 DMA, placed at 17,025. Over the near term 17,000 is likely to act as crucial support; whereas on the higher end, 17,500 may act as crucial resistance. Again, above 17,500, the Nifty may move up towards 18,000," said Rupak De, Senior Technical Analyst at LKP Securities.

    "FPIs turning net buyers is the major factor driving the uptick in the domestic market. Record low unemployment rate in the euro zone and fall in crude oil prices, increased optimism globally. Oil prices took a hit as the deteriorating demand outlook outweighed cues of ongoing supply tightness. Auto stocks were in focus post the release of positive auto sales numbers," said Vinod Nair, Head Of Research at Geojit Financial Services.




    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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