On Tuesday, Indian stocks reached record high, fuelled by new data indicating a solid economic recovery. The Nifty index of the National Stock Exchange exceeded the 16,000-point mark for the first time. The 50-share index increased 1.55 percent to 16,130.75. The BSE Sensex increased 1.65% to 53,823.36. Both indexes recently set new high on July 16.
Economic data like goods and services tax (GST) collection, vehicle sales, the purchasing managers’ index (PMI), and the monsoon rainfall pattern for July indicate to a quick economic rebound.
Vinod Nair, Head of Research at the Geojit Financial Services said, “All major domestic data helps form a strong recovery. This has added to the euphoria in the domestic market, along with a drop in global risk after the cooperative monetary and fiscal policy announcements.”
