Indian equities market kicked-off new calendar year 2022 on a solid note as fresh record highs in the global market bolstered domestic investors' confidence.
India's manufacturing lost some momentum
The gains came even as India's manufacturing activity lost some momentum in December, with the Manufacturing PMI easing to a three-month low of 55.5.
The S&P BSE & Sensex opened with tepid gain of less than 100 points, but gained strength during the day to hit a high of 59,266. It, eventually, settled 929 points higher at 59,183 levels with 26 of the 30 index constituents ending the session in the green.
It's NSE counterpart, Nifty50, meanwhile, shut shop at 17,637 levels, up 283 points. It hit an intra-day high of 17,647. 44 of the 50 index stocks ended higher led by Coal India (up 9 per cent), Eicher Motors, Bajaj twins, ICICI Bank, Tata Motors, IndusInd Bank, and HDFC Bank.
Top looser of the day in stock market:
The laggards were largely from the pharma space, including Cipla, Dr. Reddy's Labs, and Divis Labs. Nestle India, HUL, and M&M were some of the other top losers.
According to experts the market sentiment was upbeat as Finance Ministry said that Goods and Services Tax (GST) revenues grew 13% to over Rs. 1.29 lakh crore in December 2021, as compared to Rs 1.15 lakh crore GST revenues in the same month last year, mainly due to pickup in economic activity and anti-evasion steps.
Meanwhile, in the broader market, the BSE Midcap and Small Cap indices underperformed the frontline indices by closing 1.2 per cent higher each. In comparison, the benchmarks were up 1.6 per cent.
Among individual shares, the shares of Apollo Micro Systems rallied 16 per cent in Monday's intra-day trade amid heavy volumes, and hit a fresh 52-week high of Rs 191 on the BSE.