The Indian equity benchmarks snapped their three-day losing streak on Monday on the back of a broad-based buying interest as investor sentiment got a boost from robust macro-economic data points. Strong Goods and Services Tax numbers while factory activity expanding at its quickest pace in eight months in October reversed the bearish sentiment for equities, analysts said. The Sensex rose as much as 913 points and the Nifty 50 index touched an intraday high of 17,954.10.
The Sensex ended 832 points higher at 60,138 and Nifty 50 index climbed 258 points to close at 17,930.
The country’s economic activity picked up pace in October after government collected Rs 1.30 lakh crore in Goods and Services Tax (GST), the second-highest collection ever since the introduction of GST.
Meanwhile, the Manufacturing Purchasing Managers’ Index, compiled by IHS Markit, jumped to 55.9 in October from September’s 53.7, the highest since February, and remaining above the 50-level separating growth from contraction for a fourth straight month.