Markets Remain Stable In Early Trading As GST Revenues Set A Record

Equity benchmark indices rose in early trade on Thursday, buoyed by record-high GST collections in April and foreign fund inflows.

The 30-share BSE Sensex spiked 204.88 points to 74,687.66 in early trade. The NSE Nifty advanced 57.35 points to 22,662.20.

On Wednesday, the finance ministry reported, “Goods and Services Tax collections grew 12.4 percent to a record high of Rs 2.10 lakh crore in April, aided by strong economic momentum and increased domestic transactions and imports”.

“The GST collections have breached the Rs 2 lakh crore mark for the first time in April this year”, the ministry added.

RECL, Power Finance Corp, Power Grid Corp, Cholamandalam Invest, BPCL, Zydus, and Trent were the top gainers.

Among the laggards were Kotak Mahindra Bank, GAIL (India), Adani Energy Solut., PNB, Divi’s Labs, Tata Consumer, and Adani Green Energy.

In Asian markets, Hong Kong, and Malaysia were trading in the green, while Tokyo, South Korea, Shanghai, and Taiwan were trading in the red.

US markets concluded on a mixed note on Wednesday.

Brent crude gained 0.53 percent to USD 83.88 per barrel.

According to exchange data, Foreign Institutional Investors (FIIs) bought securities worth Rs 1,071.93 crore on Tuesday.

On Wednesday, Domestic equity markets were closed to commemorate Maharashtra Day.

On Tuesday, the Sensex sank 188.50 points or 0.25 percent to 74,482.78, while the NSE Nifty lost 38.55 points or 0.17 percent to 22,604.85.

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