Winning Bizness Desk

Mumbai. India's stock market has soared amidst global recovery as it was bullish on 11 November by Sensex closing at 61,795 which was 1,181 points higher than previous day closing. This is the highest level of Sensex in the last one year and the highest closing level ever. The highest level is 62,246, was seen on 19 Oct 2021. On Friday, there was more buying in the shares of big companies. The large cap index closed 1.69% higher. Whereas, there was a marginal gain of 0.15% in midcap and 0.33% in small cap.

Direct tax collection also saw boost

The important thing is that the Sensex has registered a growth of 17.69% in just 6 months. Moreover, the gross direct tax collection in the current financial year till November 10 has grown by 31% to Rs 10.54 lakh crore. In this, the better performance of personal income tax had a special contribution. The total tax after refund stood at Rs 8.71 lakh crore. This is 61.31% of the target set for the whole year in the general budget. So far, refunds worth Rs 1.83 lakh crore have been made.

The condition of the world market has been very bad

In the last 1 year, most of the world's markets have seen a decline and in this context, the good performance of India's stocks is being considered a very good sign. In the last one year, on the one hand, the Indian stock market (Sensex) has seen a rise of 2.39%, while on the other hand the US market (Nasdaq) has seen a big decline of 34.73%. America's Dow Jones and S&P, Hong Kong's Heng Seng, Japan's Nikkei, The. Korea's Kospi, UK's FTSE, France's CAC, Germany's DAX Market have been in bad shape in the last few months.

Rupee also strengthened

Such a trend has not existed in any market in the world. The best thing for the Indian economy on Friday was the strengthening of the rupee. The rupee strengthened by 62 paise to 80.78 against the dollar. Inflation figures in the US were released on Thursday. It declined just 0.5%. This was higher than the market expectation. After this, the US stock market Nasdaq jumped the most by 7.35%. Then on Friday, this trend was seen all over the world.