Sensex, Nifty climb in early trade after two days of fall

Standard stock indices rebounded in early trading on Friday after two days of decline, following a positive trend in global markets.

Also, automakers led by Maruti Suzuki India, Hyundai, Mahindra and Mahindra It reported strong wholesale passenger car sales in the domestic market in May GST collections crossed the INR 1.50 crore mark for the third consecutive month, posting a 12 per cent increase in May, adding to optimism.

The BSE Sensex Index rose 291.3 points to 62,719.84 points in early trading. NSE Nifty advanced by 85.95 points to 18,573.70.

Among the Sensex Group, Tata Steel, UltraTech Cement, Hindustan Unilever, Mahindra & Mahindra, ITC, Tech Mahindra and Titan were the main gainers.

Infosys, IndusInd Bank and HDFC were far behind.

In the Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the green.

US markets closed higher on Thursday.

economy growth

GST groups registered an increase of 12 percent in May at over Rs 1.57 crore, according to official data released on Thursday.

Manufacturing activities in India have advanced further It touched a 31-month high in May, supported by a stronger increase in new orders and favorable market conditions, which in turn created more jobs, according to a monthly survey on Thursday.

VK Vijayakumar, Chief Investment Strategist at Geojit, said: ÔÇťApart from the better-than-expected FY23 GDP growth rate, high-frequency indicators such as GST collections, manufacturing PMI, May auto sales, credit growth amazing, to a strong and steadily developing economy.” financial services.

Automakers led by Maruti Suzuki India, Hyundai, Mahindra & Mahindra and Toyota Kyrlskar Motor Thursday reported strong wholesale passenger car sales in the domestic market for the month of May on strong demand for SUVs.

Brent crude, the global benchmark, jumped 0.70 percent to $74.83 a barrel.

Foreign Institutional Investors (FIIs) unloaded shares worth Rs 71.07 crore on Thursday, according to exchange data.

For the second consecutive day, the Sensex fell by 193.70 points, or 0.31 percent, to settle at 62,428.54 points on Thursday. The Nifty Index fell by 46.65 points, or 0.25 percent, to close at 18,487.75 points.