Stock Market react positively to High GST Revenue Record
Stock markets in India have bounced back with a positive reaction as GST revenue collections for April 2024 were very good. SENSEX closed high by 128 points, and a positive reaction was also seen in manufacturing data and foreign fund inflow. This leads to improved investor sentiment.
There were 30 shares on the Bombay Stock Exchange (SENSEX) that went up to 128.33 points, which is equivalent to 0.17% growth, settling at 74611.11. During the day, it went to 329.65 points or showed a growth of 0.44% while settling at 74812.43.
NSE Nifty has also shown good movement, as it jumped 43.35 points, or 0.19% while settling at 22648.20.
Within the SENSEX basket, the companies with major gains were Power Grid, Asian Paints, Tata Motors, Tata Steel, NPTC, Sun Pharma, Mahindra & Mahindra, HDFC Bank, Tata Consultancy Services, and JSW Steel.
There were also companies that slugged, such as Kotak Mahindra Bank, Bharti Airtel, Axis Bank, Wipro, ICICI Bank, and IndusInd Bank.
The collections for Goods and Services Tax grew from 12.4% to 2.10 lakh crore in April, which is a record-high result. This was achievable because of strong economic momentum and an increase in the number of domestic transactions and imports, according to the finance ministry.
The manufacturing sector in India, which was active moderately in April, still manages to showcase a record of the second-fastest improvement in operation conditions, which only took 3.5 years of support, according to a monthly survey.
According to the exchange date, Foreign Institutional Investors (FIIs) bought equities, which are to be valued at 1071.93 crore.
