Goods and services tax (GST) collections hit a record *2.1 trillion in April, according to data released by the finance ministry on 1 May. The monthly GST data has often been used as a barometer of how well the economy is performing. Also Foreign Institutional Investors (FIIs) bought equities worth Rs 1,071.93 crore on Tuesday, according to exchange data.
Market experts are saying these are the positive factors for equity market including record-high GST revenue, FIIs and DIIs being net buyers, and WTI oil prices falling below USD 80 a barrel.
Equity benchmark indices bounced back in early trade on Thursday amid optimistic investor sentiment boosted by record high GST collections in April and foreign fund inflows.
The NSE Nifty went up by 57.35 points to 22,662.20.
The 30-share BSE Sensex climbed 204.88 points to 74,687.66 in early trade.
From the Sensex basket, Power Grid, Mahindra & Mahindra, Asian Paints, Tata Steel, Sun Pharma and HDFC Bank were among the major gainers.
In Asian markets, Tokyo and Hong Kong were trading with gains while Seoul and Shanghai quoted lower.
Wall Street ended on a mixed note on Wednesday.
Indian equity markets were closed on Wednesday due to Maharashtra Day.
Snapping its two-day winning run, the BSE benchmark declined 188.50 points or 0.25 percent to settle at 74,482.78 on Tuesday. The NSE Nifty dipped 38.55 points or 0.17 percent to finish at 22,604.85.
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