Share Market: Equity benchmark indices bounced back in early trade on Friday after two days of losses following a positive trend in global markets. Besides, automakers led by Maruti Suzuki India, Hyundai, Mahindra & Mahindra reported strong wholesale sales of passenger vehicles in the domestic market in May and GST collections crossed Rs 1.50 lakh crore for the third consecutive month, on May 12. A percentage increase has been registered. Added to the optimism.
In early trade, the 30-share BSE Sensex climbed 291.3 points to 62,719.84 points. The NSE Nifty gained 85.95 points to reach 18,573.70. From the Sensex pack, Tata Steel, UltraTech Cement, Hindustan Unilever, Mahindra & Mahindra, ITC, Tech Mahindra and Titan were the major gainers. Infosys, IndusInd Bank and HDFC were the laggards.
How was the performance of Asian and American markets?
In the Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the green. US markets closed with gains on Thursday. According to official data released on Thursday, GST collections rose 12 per cent to Rs 1.57 lakh crore in May.
Manufacturing activity in India expanded further and reached a 31-month high in May, supported by a strong growth in new orders and favorable market conditions that created more job opportunities, a monthly survey said on Thursday. .
“Apart from better-than-expected GDP growth for FY23, high-frequency indicators such as GST collections, manufacturing PMI, auto sales in May and impressive credit growth point to a strong and steadily improving economy,” Chief Investment Strategist VK Vijayakumar said. Geojit Financial Services.
Auto makers led by Maruti Suzuki India, Hyundai, Mahindra & Mahindra, Toyota Kirloskar Motor on Thursday reported bulk sales of passenger vehicles in the domestic market for May on strong demand for SUVs.
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Rise in global oil benchmark Brent crude
Global oil benchmark Brent crude jumped 0.70 per cent to $74.83 a barrel. Foreign institutional investors (FIIs) offloaded equities worth Rs 71.07 crore on Thursday, according to exchange data. On Thursday, the Sensex fell 193.70 points or 0.31 percent to close at 62,428.54, falling for the second day in a row. The Nifty closed 46.65 points, or 0.25 per cent, down at 18,487.75.
Rupee rises 10 paise to 82.30 against US dollar
The rupee appreciated 10 paise to 82.30 against the US dollar in early trade on Friday tracking a broad-based weakness in the dollar and a positive trend in domestic equities.
At the interbank foreign exchange, the domestic unit opened at 82.31 against the dollar and then recovered to 82.30, registering a gain of 10 paise over its previous close. On Thursday, the rupee had closed at 82.40 against the American currency. Meanwhile, the dollar index, which measures the strength of the dollar against a basket of six major currencies, fell 0.08 per cent to 103.47.
(With inputs from PTI)