Share Market LIVE: SGX Nifty in red ahead of opening bell; July GST collection robust, touch Rs 1.49 lakh cr

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Share Market News Today | Sensex, Nifty, Share Prices LIVE: Entering Tuesday’s trade, SGX Nifty was down in the red, suggesting a reversal could be on the cards after the sharp up-move in recent days.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Sensex and Nifty extended their rally on Monday as the headline indices and broader markets soared higher. S&P BSE Sensex jumped 545 points or 0.95% to end at 58,115, while the NSE Nifty 50 index settled at 17,340, up 1.06%. India VIX, however, was also seen soaring higher ending above 17 levels. Entering Tuesday’s trade, SGX Nifty was down in the red, suggesting a reversal could be on the cards after the sharp up-move in recent days. Global cues were weak after Wall Street slumped and Asian stock markets mirrored the fall. 

GST collection in the month of July clocked in at Rs 1.49 lakh crore, up 28% from the year-ago period, aided by booming economic activity, improved compliance, high inflation and a broadening of the tax base. The monthly average mop-up in the April-July period was an impressive Rs 1.5 trillion, up 35% on year. If this pace is sustained through March 2023, gross GST receipts in the current financial year, including compensation cess proceeds, may exceed the estimate by a neat Rs 3 trillion, allowing the Centre to appropriate an additional Rs 80,000 crore after devolution to the states.

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