InvestorQ : What were the big triggers for the stock market rally on 03 August Tuesday? Was it just the strong PMI numbers?
vidhya Laxmi made post

What were the big triggers for the stock market rally on 03 August Tuesday? Was it just the strong PMI numbers?

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sarah Leo answered.
4 months ago
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Sensex ended 872 points higher and the Nifty ended 245 points higher. On Tuesday, the BSE also crossed the level of $3.25 trillion in market cap and India is already one of the most valuable markets in the world. While Nifty broke past 16,000, Sensex got close to 54,000 and the big trigger was the PMI or purchase managers index which touched a 3-month higher of 55.3 in July compared to 48.1 in June, indicating manufacturing expansion.

While production recovering in the post COVID 2.0 scenario was the biggest factor on Tuesday, there were other key factors too. Apart from the PMI, other factors like the sharply GST collections, buoyant overall tax revenues and a much lower fiscal deficit at the end of the first quarter were all major positives. Titan was the big gainer on Tuesday followed by HDFC, Nestle UltraTech and Bharti Airtel.

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