On Monday, Indian stock markets kicked off the first day of trading in August on an upbeat note, clocking their best month since November 2020 in the previous session, with Yes Bank jumping more than 5% following its decision last week to a fundraise $1.1 billion.
Shares of Yes Bank Ltd rose after the lender said late on Friday that it would sell up to 10% stake to U.S. private-equity firms Carlyle Group Inc and Advent International.
The Nifty auto sub-index, which marked its fourth monthly gain in July, rose 2% ahead of sales data from domestic automakers due later in the day.
Agrochemicals manufacturer UPL Ltd, a Nifty 50 component, climbed up 0.9% ahead of its quarterly earnings results likely on Monday. Meanwhile, Tata Motors rallied 7%, while M&M rose by 6%.
In the Forex markets, the Indian Rupee (INR) appreciated on risk on sentiments, decline in crude oil prices and a weaker US Dollar (USD), trading at a spot price of Rs 79.05 to the dollar.
India’s Manufacturing PMI rose to 56.4 in July compared to 53.9 in June, also supporting Rupee. US Dollar declined on negative economic growth in the US and positive global equities.
Oil prices dropped, as weak July manufacturing data from China and Japan weighed on demand outlook, while investors braced for this week's meeting of officials from OPEC and other top producers on supply adjustments.
In broader Asia, equity markets got off to sluggish start as disappointing Chinese economic data fed doubts last week's rally on Wall Street could be sustained in the face of determined policy tightening by global central banks.
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