Sensex, Nifty close higher on robust economic data
Benchmark stock market indices ended sharply higher on Wednesday as investor sentiment improved due to strong economic growth data.
Indian shares ended higher on Wednesday as a clutch of robust data underlining the economy’s recovery from the COVID-19 pandemic lifted stocks of metals, auto, and banking companies.
The blue-chip NSE Nifty 50 index added 1.08% to 17,166.90 and the benchmark S&P BSE Sensex climbed 1.09% to 57,684.79.
India’s gross domestic product expanded by 8.4% in the July-to-September quarter – at a faster pace than any major economy in the period – but fears have risen that the Omicron coronavirus variant could slow the momentum.
A separate report also showed 1.32 trillion rupees were collected last month in gross goods and services tax – a 25% jump from a year earlier and the second-highest since the introduction of the tax in 2017.
The market was also supported by a private survey that India’s manufacturing activity in November grew at the fastest pace in 10 months.
The Nifty Auto index ended up 1.46%, led by Tata Motors, which rose to a near one-month high after its domestic sales of passenger vehicles in November rose 38%..
