BSE Sensex saw a substantial rise of over 350 points in early trading on Friday, reaching 74,980.38, while Nifty hovered around 22,769. Among the significant gainers in Sensex were Bajaj Finance, Bajaj Finserv, Mahindra & Mahindra, Tata Steel, and Tata Motor, whereas Tech Mahindra, Bharti Airtel, Asian Paints, and Power Grid Corporation were among the underperformers.
Following a dip of 188.50 points on Tuesday, Sensex experienced a rebound on Thursday, closing 128 points higher. This uptick was attributed to record GST collections in April, positive manufacturing data, and increased foreign fund inflows, all of which bolstered investor confidence. NSE Nifty also saw a modest rise of 43.35 points or 0.19 percent, reaching 22,648.20.
In April, Goods and Services Tax collections surged by 12.4 percent, hitting a new high of Rs 2.10 lakh crore. The Finance Ministry attributed this growth to robust economic momentum, coupled with increased domestic transactions and imports.
Despite a slowdown in April, India’s manufacturing sector still exhibited the second-fastest improvement in operational conditions over the past three and a half years, buoyed by strong demand. The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) dipped slightly from 59.1 in March to 58.8 in April but remained indicative of significant sectoral health.
In terms of Purchasing Managers’ Index (PMI), a reading above 50 suggests expansion, while below 50 indicates contraction. In Asian markets, Hong Kong concluded with gains, contrasting with lower closures in Seoul, Tokyo, and Shanghai. European markets displayed a mixed performance, while Wall Street closed with a varied outcome on Wednesday.
