Sensex & Nifty shoots up positively at 580 pts & 173 pts. Good GST collections and firm manufacturing data also lifted sentiment. October GST collections crossed the Rs 1 lakh crore mark after 5 months on the back of festive demand and anti-evasion measures. Finance Ministry on Thursday said 67.45 lakh businesses filed GST returns in October and deposited Rs 1,00,710 crore as taxes. India’s manufacturing sector activity also improved in October, as firms scaled up production and employment levels amid a rise in new business order flows.
Rupee gains strength: The Indian currency appreciated 31 paise to 73.14 against the dollar at the interbank foreign exchange after crude prices fell to seven-month lows in global markets. The rupee had advanced 50 paise to close at 73.45 against the US dollar on Thursday, registering its biggest single-session gain in three weeks.
Falling crude oil prices: Brent crude price plunged over 6 percent in last five sessions on higher supply from world’s major producers. Prices hovered around $72.65 a barrel on Friday in the international markets.
Bond yields falling: Falling bond yields further supported sentiments. In India, the 10-year benchmark bond yield hovered around 7.79 percent on Friday against over 8 percent last month. Rising yields make investors desert risky equity to chase bonds.