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Mumbai, Sep 1 Domestic markets made significant gains buoyed by favourable global cues, a higher-than-expected domestic manufacturing PMI, and positive GDP growth data, said Vinod Nair, Head of Research at Geojit Financial Services.This robust economic outlook propelled the key manufacturing sectors to lead the rally, while strong sales figures generated increased interest in auto stocks. The positive opening in global markets provided additional momentum for investor sentiment, particularly as US PCE inflation aligned with expectations, Nair said.Nifty reversed the fall seen on Thursday to close higher at 19435.3 on Friday, up 0.94 per cent or 181.5 points, while Sensex closed 556 points, or 0.86 per cent, higher at 65,387.16.Volumes on the NSE were higher than recent average, said Deepak Jasani, Head of Retail Research at HDFC Securities.Broad market indices rose less than the Nifty even as the advance decline ratio remained firm at 1.69:1, he said.Asia-Pacific markets were mostly higher as China’s factory activity for August expanded and its central bank announced a cut in reserve requirements to boost the economy. European stocks were broadly higher on Friday, as investors cheered signs of more stimulus from Beijing and data showing that the downturn in euro zone manufacturing eased last month.The Eurozone manufacturing PMI increased to a three-month high of 43.50 points in August from 42.70 points in July.India's manufacturing activity maintained its growth momentum as new orders and output increased at the quickest pace in nearly three years in August. The India Manufacturing Purchasing Managers’ Index stood at 58.6 in August, the highest since May and up from 57.7 in July.Goods and Services Tax (GST) revenues for August have shown a growth of 11 per cent year on year, Jasani said.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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