Stock markets: Equity benchmark indices bounced back in early trade on Friday after two days of fall, following a constructive pattern in world markets. Also, automakers led by Maruti Suzuki India, Hyundai, Mahindra & Mahindra reporting strong wholesales of passenger autos in the home market in May and GST collections crossing Rs 1.50 lakh crore for the third month in a row, recording 12 per cent improve in May, added to the optimism.
The 30-share BSE Sensex climbed 291.3 factors to 62,719.84 in early trade. The NSE Nifty superior 85.95 factors to 18,573.70. From the Sensex pack, Tata Steel, ExtremelyTech Cement, Hindustan Unilever, Mahindra & Mahindra, ITC, Tech Mahindra and Titan had been the foremost gainers. Infosys, IndusInd Bank and HDFC had been the laggards.
How did Asian and US markets fare?
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong had been buying and selling in the inexperienced. The US markets ended greater on Thursday. GST collections recorded 12 per cent rise in May at over Rs 1.57 lakh crore, based on official information launched on Thursday.
Manufacturing actions in India superior additional and touched a 31-month excessive in May supported by stronger improve in new orders and beneficial market circumstances, which in flip generated extra employment alternatives, a month-to-month survey stated on Thursday.
“Apart from the better-than-expected FY23 GDP growth rate, high-frequency indicators like GST collections, manufacturing PMI, auto sales in May and impressive credit growth indicate a robust and steadily improving economy,” stated V Ok Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Automakers led by Maruti Suzuki India, Hyundai, Mahindra & Mahindra, Toyota Kirloskar Motor on Thursday reported strong wholesales of passenger autos in the home marketplace for May driving on sturdy demand for SUVs.
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Jump in Global oil benchmark Brent crude
Global oil benchmark Brent crude jumped 0.70 per cent to USD 74.83 a barrel. Foreign Institutional Investors (FIIs) offloaded equities price Rs 71.07 crore on Thursday, based on trade information. Falling for the second day in a row, the Sensex declined 193.70 factors or 0.31 per cent to settle at 62,428.54 on Thursday. The Nifty fell 46.65 factors or 0.25 per cent to complete at 18,487.75.
Rupee rises 10 paise to 82.30 against US dollar
The rupee gained 10 paise to 82.30 against the US dollar in early trade on Friday on broad dollar weak spot and a constructive pattern in home equities.
At the interbank overseas trade, the home unit opened at 82.31 against the dollar after which rose to 82.30, registering a achieve of 10 paise over its earlier shut. On Thursday, the rupee closed at 82.40 against the US forex. Meanwhile, the dollar index, which gauges the buck’s energy against a basket of six currencies, fell 0.08 per cent to 103.47.
(With inputs from PTI)
