Indian shares rose sharply on Wednesday after data showed the domestic economy clocked a healthy growth rate of 8.4 percent in July-September, aided by increased vaccination and an uptick in agriculture, public administration and defence services sectors.
Encouraging fiscal deficit, manufacturing PMI, GST collection and core sector output data also suggested that the domestic economy is on continuous mend.
Goods and Services Tax (GST) collections jumped to over Rs 1.31 lakh crore in November, the second highest since its implementation in July 2017, in line with the trend in economic recovery, the finance ministry said earlier today.
The 30-share BSE Sensex ended 619.92 points, or 1.09 percent, higher at 57,684.79, while the broader Nifty index climbed 183.70 points, or 1.08 percent to settle at 17,166.90.
IndusInd Bank topped the gainers list to surge almost 6 percent while Adani Ports, Axis Bank, Tata Motors and JSW Steel rallied 4-5 percent.
Pharma stocks led losses, with Cipla tumbling 4.4 percent. Divis Laboratories gave up 2.3 percent and Dr Reddy’s Laboratories dropped 1.5 percent.
Globally, cues from Asia and Europe were largely positive amid bets that the latest Covid-19 variant would not derail the economic recovery.
Market Analysis
Sensex Soars 620 Points On Growth Optimism; Nifty Tops 17,150
2021-12-01 11:17:33
