On the first trading day of the New Year, stock market benchmarks got off to a good start and finished with solid gains, largely due to purchasing in index heavyweights Reliance Industries and ICICI Bank despite a strong trend in European markets.
The 30-share BSE Sensex increased 327.05 points or 0.54 percent on Monday to end the day at 61,167.79. It increased by 382.05 points, or 0.62 percent, to 61,222.79 during the trading day. The NSE Nifty, a more inclusive index, increased 92.15 points or 0.51 percent to close at 18,197.45.
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The notable winners of the Sensex pack included Tata Steel, Tata Motors, ICICI Bank, Axis Bank, Mahindra & Mahindra, Reliance Industries, NTPC, and Bharti Airtel. However, among the top laggards were Asian Paints, Titan, Tech Mahindra, Nestle, and Hindustan Unilever.
According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the robust GST receipts from last month show the economy’s resiliency.
In December 2022, the Goods and Services Tax (GST) receipts increased by 15% to $1.49 lakh crore, suggesting increased manufacturing production, increased consumer demand, and higher compliance.
According to a monthly survey, India’s manufacturing sector activity reached a 13-month high in December, helped by solid demand conditions and healthy inflows of new business.
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Seoul’s equity markets finished down on other Asian exchanges. In mid-session trades, equity exchanges in Europe were trading in the black. On Friday, US markets had a lower closing price.
Benchmark Brent crude for international oil prices increased 2.94 percent to USD 85.91 per barrel. According to exchange statistics, foreign institutional investors (FIIs) sold shares worth a net of 2,950.89 crore on Friday.
