The Indian stock market saw a huge surge as the BSE Sensex jumped 1,436.30 points to settle at 79,943.71, its biggest single-day gain in over a month. The NSE Nifty also surged by 445.75 points to close at 24,188.65, with financial, auto, and IT shares leading the buying spree. However, Sun Pharma was the only laggard in the Sensex. Meanwhile, India's manufacturing sector witnessed slower growth in December, with the HSBC Purchasing Managers' Index falling to 56.4 from 56.5 in November. Despite this, the country's gross GST collection rose 7.3% from the previous year to Rs 1.77 lakh crore in December, indicating a steady recovery in economic activity.
Surge in Indian Stock Market and Slower Manufacturing Sector Growth
The Indian stock market experienced a significant upswing on January 18, 2023, with the BSE Sensex recording its biggest single-day gain in over a month. The Sensex jumped 1,436.30 points to settle at 79,943.71, while the NSE Nifty surged by 445.75 points to close at 24,188.65. Financial, auto, and IT shares were the key drivers of this rally.
The surge in the stock market has been attributed to several factors, including:
Despite the strong performance of the stock market, there were some concerns emerging from the manufacturing sector. The HSBC Purchasing Managers' Index (PMI) for India fell to 56.4 in December from 56.5 in November, indicating a slowdown in manufacturing growth. However, the PMI remained above the 50 level, which separates expansion from contraction.
FAQs:
1. What was the reason for the surge in the Indian stock market on January 18, 2023?
2. Which sectors led the rally in the stock market?
3. What is the HSBC Purchasing Managers' Index (PMI) for India?
4. Why did the HSBC PMI for India fall in December 2023?
5. What is the impact of the slower manufacturing growth on the Indian economy?
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