New Delhi, Oct 22
Domestic equity markets went up following robust macroeconomic indicators, as India’s economy expanded by 7.8 per cent year-on-year (YoY) in Q1 FY26, marking the strongest growth in five quarters, a report said on Wednesday.
While the Services PMI surged to 62.9 in August 2025, its highest level in over 15 years, driven by a sharp rise in new orders and resilient demand.
"Sentiment was further boosted as the GST Council simplified the existing four tax slabs (5, 12, 18, 28 per cent) into a two-rate structure of 5 per cent and 18 per cent -- and proposed a special 40 per cent slab for select luxury items such as high-end cars, tobacco, and cigarettes," ICRA Analytics said in its report.
Equity markets gained further extension after the US Federal Reserve delivered its first rate cut of the year in September, citing recent weakness in the labour market.