Equity benchmark indices rebounded in early trade on Thursday, May 2, 2024, amid optimistic traders’ sentiment boosted by a record excessive GST collections in April and international fund inflows.
The 30-share BSE Sensex climbed 204.88 points to 74,687.66 in early trade. The NSE Nifty went up by 57.35 points to 22,662.20.
From the Sensex basket, Power Grid, Mahindra & Mahindra, Asian Paints, Tata Steel, Sun Pharma and HDFC Bank had been among the many main gainers.
Kotak Mahindra Bank, Maruti, Wipro and Titan had been among the many laggards.
Goods and Services Tax collections grew 12.4 per cent to a record excessive of Rs 2.10 lakh crore in April, aided by robust financial momentum and elevated home transactions and imports, the finance ministry mentioned on Wednesday.
The GST collections have breached the ₹2 lakh crore-mark for the primary time in April this 12 months, it mentioned in a press release.
“The domestic cues are strongly positive. The GST collection for April setting a record of Rs 2.1 trillion indicates a booming economy,” mentioned V.Okay. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
In Asian markets, Tokyo and Hong Kong had been buying and selling with positive factors whereas Seoul and Shanghai quoted decrease.
Wall Street ended on a combined word on Wednesday.
Global oil benchmark Brent crude climbed 0.53 per cent to USD 83.88 a barrel.
Foreign Institutional Investors (FIIs) purchased equities price ₹1,071.93 crore on Tuesday, in line with trade information.
“Positive factors include record-high GST revenue, FIIs and DIIs being net buyers, and WTI oil prices falling below USD 80 a barrel,” mentioned Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Domestic fairness markets had been closed on Wednesday on account of Maharashtra Day.
Snapping its two-day successful run, the BSE benchmark declined 188.50 points or 0.25 per cent to settle at 74,482.78 on Tuesday. The NSE Nifty dipped 38.55 points or 0.17 per cent to complete at 22,604.85.
