Indian equities end higher on strong earnings and foreign fund inflows

Mumbai Stock indices closed higher on Tuesday mainly due to buying in heavyweights Infosys and Reliance Industries amid foreign money inflows.

Also, a steady trend in Asian and metrics GST record collection in April Added to optimism.

The BSE Sensex 30-share index rose for the eighth consecutive day by 242.27 points, or 0.40 percent, to settle at 61,354.71 points. During the day, it jumped 373.8 points, or 0.61 percent, to 61,486.24 points.

The broader NSE Nifty index rose 82.65 points, or 0.46 percent, to close at 18,147.65.

Defying the prevailing trend in its global peers, Indian indices continued their upward momentum, buoyed by strong fourth quarter earnings and favorable domestic macroeconomic data. The manufacturing PMI beat expectations due to increased new business, moderation in price pressures, and improvement in supply chain conditions.

said Vinod Nair, Head of Research at Geojit Financial Services.

Among Sensex companies, Tech Mahindra, NTPC, Tata Steel, Maruti, Infosys, Power Grid, Larsen & Toubro, Axis Bank, Titan, Reliance Industries, Wipro and Mahindra & Mahindra were the biggest gainers.

Sun Pharma, Ultra Tech Cement, Tata Motors, Kotak Mahindra Bank, Bajaj Finance, State Bank of India and Nestle were among the defaulters.

In the broader market, the middle BSE index rose 0.74 percent and the small capital index rose 0.63 percent.

Among the indices, metal jumped 1.66 percent, energy 1.41 percent, utilities (1.35 percent), oil and gas (1.30 percent), information technology (1.24 percent), and energy (1.13 percent).

Consumer goods and telecommunications were the only laggards.

In the Asian markets, Seoul, Japan, Shanghai and Hong Kong finished in the green.

Stock markets in Europe were trading mostly lower. US markets ended slightly lower on Monday.

Ministry of Finance data released on Monday showed that collection of goods and services tax in April rose by 12 percent annually to more than Rs 1.87 crore, the highest monthly level ever.

India’s manufacturing activities accelerated further and touched a four-month high in April, a monthly survey said on Monday, supported by strong new business growth, moderate price pressures, improving international sales and improving supply chain conditions.

Foreign institutional investors (FIIs) were the buyers on Friday buying shares worth ₹3,304.32 crore, according to exchange data.

Markets are now awaiting the US Federal Reserve’s interest rate decision on Wednesday.

Stock markets were closed on Monday on account of Maharashtra Day.

The benchmark BSE index jumped 463.06 points, or 0.76 percent, to settle at 61,112.44 on Friday. Nifty advanced by 149.95 points, or 0.84 percent, to close at 18,065.

Meanwhile, Brent crude, the global benchmark for oil, fell 0.38 percent to 79.03 US dollars per barrel.