August 2022 Begins in Green: Nifty SmallCap Outperforms Headlines, Auto Shines

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August 2022 Begins in Green: Nifty SmallCap Outperforms Headlines, Auto Shines
Credit: © Reuters.

By Malvika Gurung -- The domestic market opened the week on a positive note, following the previous week’s rally, supported by gains in auto, financial and oil & gas stocks.

Indian equity benchmark indices Nifty50 climbed 0.72% and Sensex gained 378.07 points or 0.67% at 10:50 am. Investors on Dalal Street shifted their focus to a key rate decision by the RBI scheduled in the week.

Broader market indices outperformed the headline indices, as Nifty Midcap 100 surged 1.07% and Nifty Smallcap 100 jumped 1.15% at the time of writing.

All sectoral indices listed under the Nifty pack, except Nifty Pharma and Nifty Realty, traded in green, led by Nifty Auto , zooming 2.68% as auto manufacturers began reporting their monthly sales numbers.

On the Nifty50 index, auto giants M&M (NS: MAHM ) and Tata Motors (NS: TAMO ) were the top gainers, jumping up to 6.4%, while Sun Pharma (NS: SUN ) and HDFC (NS: HDFC ) Life tanked up to 3%.

“The 9 per cent rally in Nifty50 in July is in sync with the rally in S&P500. The sharp decline in the dollar index from above 109 to below 106 now indicates that the flight to the safety of the dollar is over for now. At 17150 Nifty valuations are again moving to the higher side. So at higher levels, investors have to exercise caution,” said Dr. V K Vijayakumar of Geojit Financial Services.

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  • Ratan Majhi @Ratan Majhi
    G.KP. Printing& Packaging either exit or hold?
    Like 0

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