Sensex, Nifty end at record highs ahead of PM Modi’s address to the nation

Benchmark equity indices BSE Sensex and NSE Nifty settled at fresh lifetime highs on Monday tracking gains in index heavyweights Reliance Industries, Tata Consultancy Services and ICICI Bank amid sustained foreign fund inflow and mixed cues from global markets. Investors’ sentiment was further boosted as fresh Covid-19 cases in India continued to decline and vaccination drive picked up pace.

The 30-share Sensex advanced 228.46 points or 0.44% to end at a record closing high of 52,328.51, while the 50-share Nifty index jumped 81.40 points, or 0.52% to end at 15,751.65.

With a rally of 5.02%, Power Grid emerged as the top gainer in the Sensex pack. It was followed by NTPC (up 4.02%), UltraTech Cement (up 2.70%), Tech Mahindra (up 1.89%) and Reliance Industries (up 1.57%). On the other hand, Bajaj Finance and Bajaj Finserv cracked over 2.50% each.

Vinod Nair, Head of Research, Geojit Financial Services said, “Domestic equities extended its gains in today’s volatile session ahead of PM Modi’s address to the nation. Hopes of easing restrictions and Centre’s covid-19 vaccination policy pumped optimism into the market. Global markets were mixed with US futures trading in red ahead of the inflation data due this week and the tax deal between the G7 advanced economies.”

Foreign investors have poured around Rs 8,000 crore into the domestic equities in the first four trading sessions of June as risk-on sentiment improved amid rapidly falling new Covid cases and robust corporate earnings. The inflow comes following a net withdrawal of Rs 2,954 crore in May and Rs 9,659 crore in April.

COVID-19 Update:

Total Covid-19 confirmed cases worldwide stood at 17,33,15,599 with 37,29,410 deaths. India reported 14,01,609 active cases of Covid-19 infection and 3,49,186 deaths while 2,71,59,180 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India reported 1.14 lakh daily new cases in last 24 hours, the lowest in 60 days. Declining trend sustained with less than two lakh daily cases since 10 successive days. Active cases decreased by 77,449 in the last 24 hours.

Economy:

The gross goods and services tax (GST) revenue collected in the month of May 2021 is Rs 1,02,709 crore of which CGST is Rs 17,592 crore, SGST is Rs 22,653, IGST is Rs 53,199 crore (including Rs 26,002 crore collected on import of goods) and cess is Rs 9,265 crore (including Rs 868 crore collected on import of goods). The revenues for the month of May 2021 are 65% higher than the GST revenues in the same month last year. This would be the eighth month in a row that GST revenues have crossed Rs 1 lakh crore mark.