India, May 23 -- Indian shares posted strong gains on Thursday despite mixed cues from global markets.
Investor sentiment received a boost after the Reserve Bank of India approved a massive, all-time high surplus transfer of Rs. 2,10,874 crores for FY24, boosting government revenues and aiding fiscal deficit target.
It is believed that the surplus transfer could help the government either borrow less in FY25 or step up capital expenditure.
Investors also cheered the results of a survey, which showed that business activity in India witnessed a robust growth in May, helped by the dominant services industry.
HSBC's flash India Composite purchasing managers' Index, compiled by S&P Global, improved to 61.7 this month from April's final readi...