Sensex climbs 205 points in early trade as GST revenues hit record in April
The Hindu
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Equity benchmark indices rebounded in early trade on Thursday, May 2, 2024, amid optimistic investors' sentiment boosted by a record high GST collections in April and foreign 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 were among the major gainers.
Kotak Mahindra Bank, Maruti, Wipro and Titan were among the laggards.
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.
The GST collections have breached the ₹2 lakh crore-mark for the first time in April this year, it said in a statement.
"The domestic cues are strongly positive. The GST collection for April setting a record of Rs 2.1 trillion indicates a booming economy," said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
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