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Stock markets open on a high, auto & pharma shares lead

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Mumbai, July 9: The benchmark indices opened on a high on Tuesday, with Sensex crossing the 80,000 mark again led by auto and pharma stocks, gaining over 200 points in morning trade.

The NSE Nifty rose by 47 points and was trading at 24,368. According to analysts, the market attention is now turning towards the Q1 FY25 results. The auto index was the best performer, rising over one per cent, while IT stocks slipped ahead of earnings this week.

“The market is expected to remain volatile. Hold your positions with a trailing stop-loss. Any dip will be a buying opportunity as the overall trend remains bullish,” said Mandar Bhojane from Choice Broking.

The markets are likely to further consolidate this week after a phenomenal rally and recovery after elections. Foreign institutional investors (FIIs) bought equities worth Rs 60.98 crore on July 8, while domestic institutional investors turned net buyers as they bought equities worth Rs 2,866 crore.

On Monday, the benchmark indices ended flat as the stock markets turned to a consolidation phase due to the absence of major triggers to support the current premium valuation in the near term, prompting investors to book some profits.

IANS

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