Mumbai: Equity benchmarks closed higher on Tuesday mainly led by buying in index heavyweights Infosys and Reliance Industries amid foreign fund inflows. Also, firming trends in Asian gauges and record GST collections in April added to the optimism.
Gaining for the eighth consecutive day, the 30-share BSE Sensex rose 242.27 points, or 0.40 per cent, to close at 61,354.71. During the day, it rose 373.8 points, or 0.61 percent, to 61,486.24. The broader NSE Nifty settled 82.65 points, or 0.46 per cent, higher at 18,147.65.
“Defying the trend of global peers, Indian benchmark indices continued their upward momentum, fueled by strong Q4 earnings and favorable domestic macroeconomic data. Manufacturing PMI showed new business growth, improving price pressures and supply chain The improvement in conditions exceeded expectations.
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GST collection was the highest in April
Vinod Nair, Head of Research, Geojit, said, “Additionally, GST collections in April were the highest ever recorded. While western markets traded marginally lower ahead of the US Fed policy announcement, the domestic market was hit by FIIs. benefited from strong inflows of financial Services.
Tech Mahindra, NTPC, Tata Steel, Maruti, Infosys, Power Grid, Larsen & Toubro, Axis Bank, Titan, Reliance Industries, Wipro and Mahindra & Mahindra were among the top gainers among Sensex firms.
Sun Pharma, UltraTech Cement, Tata Motors, Kotak Mahindra Bank, Bajaj Finance, State Bank of India and Nestle were among the laggards. In the broader market, the BSE Midcap gauge climbed 0.74 per cent and the Smallcap index advanced 0.63 per cent.
The indices gained in Metals 1.66 per cent, Power 1.41 per cent, Utilities (1.35 per cent), Oil & Gas (1.30 per cent), IT (1.24 per cent) and Energy (1.13 per cent).
FMCG and Telecom were the only laggards. In the Asian markets, Seoul, Japan, Shanghai and Hong Kong closed in the green.
Equity markets in Europe were mostly trading with losses. US markets closed with a slight decline on Monday. GST collections rose 12 per cent year-on-year to over Rs 1.87 lakh crore in April, an all-time monthly high, showed Finance Ministry data released on Monday.
Manufacturing activities are increasing in India
Manufacturing activity in India picked up further and hit a four-month high in April on strong new business growth, easing price pressures, improved international sales and supply-chain conditions, a monthly survey said on Monday. due to improvement.
Foreign institutional investors (FIIs) were buyers on Friday as they bought equities worth Rs 3,304.32 crore, according to exchange data. Markets now await the US Federal Reserve’s interest rate decision on Wednesday.
The stock market remained closed on Monday on account of Maharashtra Day. The BSE benchmark had closed at 61,112.44, up 463.06 points or 0.76 per cent on Friday. The Nifty closed at 18,065, up 149.95 points or 0.84 per cent. Meanwhile, global oil benchmark Brent crude fell 0.38 per cent to USD 79.03 per barrel.