Markets Gain on Auto, Bank Surge; IT, Pharma Drag

Sensex rose 850 points and Nifty 298 points (at the time of posting) by mid-day on August 18, led by autos, banks, FMCG and metals, while IT and pharma lagged.

Maruti surged 9% on GST cut hopes; Ashok Leyland gained 7% post Q1 results. Broader indices outperformed, buoyed by GST reform expectations and S&P’s India rating upgrade.