Sensex, Nifty extend gains for the third straight day

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Domestic stock markets reversed direction to close higher on Monday, extending the gains for the third session in a row. The Sensex ended 113.31 points higher at 36,582.74, while the broader Nifty settled at 10,912.25.

Key indices trimmed losses in early afternoon trade and were trading near flat line in mid-afternoon trade, but hit fresh intraday high in late trade. This marked a recovery of 243.98 points for the Sensex from its intraday low of 36,225.48.

Meanwhile, the Reserve Bank of India’s Monetary Policy Committee (MPC) will meet during February 5 to 7, 2019 for the sixth bi-monthly monetary policy statement for 2018-19.

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On the economic front, the total gross GST revenue collected in the month of January 2019 stood at Rs 1,02,503 crore, of which CGST is Rs 17,763 crore, SGST is Rs 24,826 crore, IGST is Rs 51,225 crore (including Rs 24,065 crore collected on imports) and cess is Rs 8,690 crore (including Rs 902 crore collected on imports).

The collection in January 2019 is a significant increase from the collection of Rs 94,725 crore in December 2018, which was a decline from Rs 97,637 crore in November and Rs 1,00,710 crore in October. January 2019 collections are 14% above the January 2018 collections of Rs 89,825 crore.

US stocks managed to close mostly higher Friday after an unexpectedly strong January jobs report. The US economy created 304,000 new jobs in January. At the same time, job growth for December was reduced by 90,000, somewhat blunting the impact of the headline number.

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