Sunday, June 16, 2024

Nifty hits all-time high on strong GDP estimates

Nifty reached historic highs on Friday, with the mid-small cap segment also on the rise, fuelled by faster-than-expected economic growth in the September quarter and increased optimism regarding the global interest rate outlook, Shrey Jain, Founder and CEO SAS Online, said.

Nifty closed at 20,267.90, marking a gain of 134.75 points or 0.67 per cent, while Sensex reached 67,481.19, climbing 492.75 points or 0.74 per cent, just 446 points away from its all-time high of 67,927.23, he said.

Although Friday’s figures could have been higher, investors exercised caution due to the upcoming election results scheduled for Sunday.

Data signals a potential rally for Nifty, projecting an upward move to 20,600 in the coming sessions, with a robust support level at 20,150.

However, there might be a pause in case of unfavorable election results. The overall trend remains positive, painting an optimistic picture for the market, he said.

Nifty PSU, Nifty FMCG and Nifty Reality were some of the outperforming sector up by 1.86 per cent, 1.58 per cent and 1.36 per cent respectively, says Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.

During July-September quarter, India’s GDP growth was 7.6 per cent, exceeded street estimates of 6.8 per cent and RBI projection of 6.5 per cent, securing the country’s position as the fastest-growing major economy globally and as the exit poll of 5 state election draw positive indications point to a market rebound.

In Noida, Uttar Pradesh, Dixon Technologies’ subsidiary Padget Electronics has opened a new smartphone production facility.

In Q3 of 2023, the new manufacturing plant started producing smartphones for Xiaomi India, a multinational technology company.

The stock ended the day 8 per cent higher than when it opened thanks to the positive news, he said.

Hero MotoCorp, HDFC Life, Wipro, M&M, and SBI Life Insurance were the biggest losers on the Nifty, while the top gainers were NTPC, ITC, L&T, Britannia Industries, and Axis Bank.



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