Record GST collections, positive data push Sensex up 128 pts

MUMBAI: Stock markets rebounded on Thursday with benchmark Sensex closing higher by 128 points as record GST collections in April, positive manufacturing data, and foreign fund inflows boosted investor sentiment.

The 30-share BSE Sensex climbed 128.33 points or 0.17 per cent to settle at 74,611.11 in a restricted trade. During the day, the index rose by 329.65 points or 0.44 per cent to a high of 74,812.43.

The NSE Nifty rose by 43.35 points or 0.19 per cent to 22,648.20 as 29 of its constituents advanced and 21 declined. From the Sensex basket, Power Grid, Asian Paints, Tata Motors, Tata Steel, NTPC, Sun Pharma, Mahindra & Mahindra, HDFC Bank, Tata Consultancy Services and JSW Steel were among the major gainers.

Kotak Mahindra Bank was the biggest loser, dropping 2.95 per cent after the bank announced the exit of its joint managing director KVS Manian.

ICICI Bank dropped a little over 1 per cent. India’s second-largest private lender rejected a media report that suggested that its MD and CEO was willing to step down.

Bharti Airtel, Axis Bank, Wipro and IndusInd Bank were among the laggards. The broader market largely traded range-bound, while positive commentary from the auto companies on recent volume numbers led the sector to outperform.

Goods and Services Tax collections grew 12.4 per cent to a record high of Rs 2.10 lakh crore in April, aided by strong economic momentum and increased domestic transactions and imports, the Finance Ministry said on Wednesday.

In the broader market, the BSE midcap gauge climbed 0.91 per cent and smallcap index advanced 0.29 per cent. Among the indices, utilities rallied by 1.49 per cent, power by 1.47 per cent, services by 1.24 pc, auto by 1.17 pc, metal by 1.03 pc, consumer discretionary by 0.82 pc, energy by 0.61 pc and healthcare by 0.31 per cent.