Sensex and Nifty Edge higher as automakers rise

(RTTNews) – Indian stocks opened on a positive note on Monday after US stocks rose for a third straight session on Friday, helped by strong quarterly profits from Amazon and Apple.

The rise remained capped as weak manufacturing data from China and Japan added to concerns about the global economic outlook.

The benchmark S&P BSE Sensex index rose 201 points, or 0.4%, to 57,771 at the start of trade, while the broader NSE Nifty index rose 70 points, or 0.4%, to 17,228.

Automakers were posting strong gains ahead of the release of July sales data.

Mahindra & Mahindra climbed 6.3%, Maruti Suzuki India jumped 3.4% and Tata Motors added 2.3%.

Cipla rose more than 4% despite falling first-quarter profits.

Indiabulls Housing Finance rose 1.7% after interest rates on home loans rose.

IDFC First Bank rose 3.6% after announcing its highest ever net profit of Rs 474 crore for the quarter ended June 2022.

Tata Steel has added 1% to the announcement that it will roll out the ‘First in India’ seating system for Vande Bharat Express trains from September 2022.

Bank of Baroda fell nearly 2% despite a 79% jump in first-quarter profits.

Similarly, DCB Bank lost 3% despite a nearly three-fold increase in quarterly profit.

The CIO fell 2.6% after announcing a quarterly net loss, hit by a sharp drop in retail fuel margins for gasoline and diesel.

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