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After two days of consolidation, Nifty and Sensex opened on a strong note buoyed by auto and pharma stocks. On the other hand, IT stocks slipped ahead of earnings this week.

At about 9:40 am on July 9, the Sensex was up 0.28 percent at 80,184 and the Nifty was up 0.23 percent at 24,375. About 1,992 shares advanced, 1,007 shares declined, and 131 shares unchanged.

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"The markets are likely to consolidate this week after a phenomenal rally and recovery after elections," Kranthi Bathini director of equity strategy at WealthMills Securities, said in a conversation with Moneycontrol. He also added that the positive all-round sentiment is intact and investors will keenly watch for earnings and the budget on July 23. The Nifty has surged over 4 percent since the elections

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