Market Wrap: Sensex, Nifty end higher on all-round buying; investors richer by nearly ₹3 lakh crore in a day
Nifty ended with healthy gains on Friday, boosted by all-around buying in light of broadly positive global cues ahead of the release of the US jobs data amid hopes that the Federal Reserve will not raise rates in September. Easing US Treasury yields and the dollar also influenced the mood of the equity market. “Falls in US Treasury yields this week weighed on the dollar, which was on track to snap a six-week winning run ahead of the pivotal US non-farm payrolls figures, due before the opening bell on Wall Street," reported Reuters.
Healthy macroeconomic prints, including the June quarter GDP numbers and August GST revenue prints, were other positive factors that underpinned market sentiment. India's GDP grew by 7.8 per cent in Q1FY24 against a growth of 6.1 per cent in the previous quarter, according to official data shared by the National Statistical Office. Chief Economic Advisor V Anantha Nageswaran on Thursday said the economy is expected to grow at 6.5 per cent in the current fiscal notwithstanding deficient monsoon rains.
Meanwhile, on Friday, Revenue Secretary Sanjay Malhotra said that the Goods and Services Tax (GST) revenues for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion. An 11 per cent growth roughly translates to around ₹1.60 lakh crore. Equity barometer the Sensex opened with a slim gain of 24 points at 64,855.51 against the previous close of 64,831.41 but built gains as the day progressed.
The index rose 642 points to hit the intraday high of 65,473.27. The Nifty50 hit an intraday high of 19,458.55 today. Sensex finally closed 556 points, or 0.86 per cent, higher at 65,387.16 while the Nifty closed the day with a gain of 182 points, or 0.94 per
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