Sensex crosses 54,000Date: 05 August 2021 Tags: Miscellaneous
The economy is hinting at coming back on track, which has led to surge in share market. The Sensex gained as much as 513 points to achieve an historic milestone of 54,336.94.
Economic data has indicated recovery of the pandemic-ravaged domestic economy. The GST collections have also risen.
The Nifty index of NSE has also soared 246 points to cross the 16,000 levels and reach 16,265.25 after day long trade.
The IHS Markit India Manufacturing Purchasing Managers’ Index has managed to break above the 50.0 mark. It is a clear indicator of recovery on the economic front.
The GST revenue collection for the month of July was observed at Rs 116,393 crore, after months of slowdown due to the lockdown.
The export data also shows that India’s numbers have risen tremendously. It is also observed that corporate earnings have grown.
The fiscal policy and monetary policy have been accommodative to global challenges. This has further boosted the confidence among investors.
The pickup of vaccination rates and lower than expected impact of the second covid wave has grown consumer demands across all sectors.