Nifty, Sensex hit all-time high on the back of GST collection, US Election results

The Bombay Stock Exchange and the Nifty hit all-time highs on November 9, helped by positive investor sentiment and fiscal year-high GST collection in October.

The Sensex and Nifty touches fresh all time high at 42,645.33 and 12,474.05 respectively during trading hours on November 9.

At 3:30 PM, Sensex closed at 42,597.43, up by 704.37 points or 1.68%, while Nifty too fell slightly from its day- high to close at 12,461.05, up by 197.50 points or 1.61%. The Bank Nifty closed at 27,534.10, up 735.15 points or 2.74%. The Nifty ended the day with 43 in Advances and 7 in Declines, while the Sensex ended with 27 stock in green and 3 in red.

Experts believe today’s upsurge can be attributed to positive investor sentiment which follows GST collection stood at Rs 1,05,155 crore for October 2020, the highest so far in the current financial year. Along with GST, the improvement in India Inc’s September quarterly results across sectors along with rising FII Net investment flows after March 2020 helped the Nifty and Sensex surge. The cherry on the cake was the US Election, which has had a positive impact globally across the world markets. Today’s record gains are a testimony to the largely-optimistic investor sentiment.

The upcoming Indian events that may have an impact on markets are Bihar State Election result on 10 November, Indian Inflation data CPI and India’s Industrial production (IIP) on 12 November.

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