• Notification Date: 03-01-2025
• Notification No: N/A

Stocks jump amid auto and bank stocks gains as December GST collection shows resilience during slowing economy

Indian equity benchmarks started on Thursday higher, bolstered by strong gains in auto and banking stocks, as the first signals of the end came to December's GST collection ahead of expectations, though the economy seems to be slowing down.
The Sensex opened at 78,657.52, slightly higher than the closing value, and gradually increased to reach 78,788.53 by gaining 281.12 points or 0.36%.
The Nifty opened at 23,783.00 but was on its way to gain 88.30 points at 9:45 AM at 23,831.20 on 0.37%.
Bajaj Finance led the pack with a 3.15% hike, while Bajaj Finserv increased 2.21%, and Kotak Mahindra Bank and Infosys were on a roll too.
The auto sector continued to remain on a strong momentum with healthy December sales numbers from M&M and Maruti.
"The better-than-expected sales numbers from the key players are expected to continue the fueling of market sentiment," said Vikas Jain, Head of Research at Reliance Securities.
Contrasted to these sectors, however, stocks of companies like Sun Pharmaceuticals, Britannia Industries, and NTPC declined in Wednesday's session; investors seem yet to consider this larger market backdrop.
India’s GST collection for December stood at ?1.77 lakh crore, marking the tenth consecutive month above ?1.7 lakh crore, reflecting steady momentum in tax revenues.
However, the month-on-month decline of 2.97% signals the ongoing slowdown, raising concerns about Q3 corporate earnings, according to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The market now awaits the Union Budget as Finance Minister Nirmala Sitharaman is scheduled to meet key sector representatives today.
Meanwhile, gold shines bright, opening steady near $2,625 per ounce, and Brent crude hit a two-month high, trading above $75 per barrel, further adding to market optimism.