Indian indices open with gain, Experts say Low GDP impact shrugged off
Dec 03, 2024
Mumbai (Maharashtra) [India], November 3 : Indian markets continued their gains in December, with both indices opening higher on Tuesday.
The Nifty 50 index opened at 24,367.50 points, gaining 91.45 points or 0.38 per cent, while the BSE Sensex opened at 80,529.20 points, up by 281.12 points or 0.35 per cent.
Experts noted that Indian stock markets have ignored the GDP numbers and, being in an oversold territory, may rise further and witness a rally leading up to the budget in February.
Ajay Bagga Banking and Market Expert stated that "The Indian markets shrugged off the GDP number and moved up on Monday. The government has removed the windfall tax on crude oil, aviation turbine fuel (ATF), petrol, and diesel exports which should see Oil and Energy heavyweights rally. Overall, contrary to calls of "sell every rise", we are buyers in the Indian markets, and expect a rally from here on, into the Union Budget of Feb 1st".
He further stated "US markets, boringly, hit yet another all-time high, as, boringly, technology sector led the charge. Asia is following the US higher, as there is no Trump social media post, yet".
Among the sectoral indices on NSE, except for NIFTY FMCG, all other indices opened with gains. Nifty Bank, Nifty Auto, Nifty IT, Nifty Media, and Nifty Metal all showed gains at the time of filing this report.
In the Nifty 50 list, 41 stocks opened in advance, while 7 declined, and 2 remained unchanged. Among the top gainers in the Nifty 50 stocks were Shriram Finance, followed by JSW Steel, ONGC, BEL, and HDFC Bank.
"The Nifty rose for a second straight day, and is now at a point where a potential head-and-shoulders bottom may be confirmed. The level to watch out for is 24315 for the day, and any close above this hurdle will activate the pattern with a smaller upside objective near 24,800 followed by the larger target near 25,500. Any drop that brings the market below 23,873 after pattern confirmation will force this bullish take to be reviewed. In the meantime, the 24360 - 24540 area continues to remain significant" said Akshay Chinchalkar, Head of Research, Axis Securities.
In other Asian stock markets, most indices rallied today, except for China's and Hong Kong's Hang Seng index. Japan's Nikkei 225 index gained more than 1.7 per cent, Taiwan's Weighted Index rose by 1.14 per cent, South Korea's KOSPI surged 1.78 per cent, while Jakarta Composite gained 1.49 per cent.
