Indian stocks firm on Q2 GDP numbers, Nifty hits record high
Dec 01, 2023
New Delhi [India], December 1 : Indian stock indices traded firmly Friday morning, the last session before the weekend, after India reported more-than-expected GDP growth in the July-September quarter of the 2023-24 fiscal year.
Nifty today tasted its all-time high at 20,263 points, 0.6 per cent higher than its previous session closing. Sensex was about 500 points lower than its all-time high at 67,435 points this morning.
The Indian economy grew 7.6 per cent during the July-September quarter of the current financial year 2023-24, remaining the fastest-growing major economy, data showed Thursday. India's GDP growth for the April-June quarter grew 7.8 per cent.
"Sunil Gavaskar, The greatest opening batsman always took a fresh guard after reaching a milestone. It makes sense to take a fresh guard post market reaching all-time high," said Nilesh Shah, MD Kotak Mahindra AMC.
"3G of Growth (earnings likely to be in the early to mid-teens), Governance (better than emerging market peers and comparable to developed world), and Green (lowest per capita carbon emitter in the world) gives confidence that it is time to stay on the pitch and score more runs," Shah added.
Over the past month, the Indian stock indices have risen about 5-6 per cent on a cumulative basis.
"The market momentum which pushed the Nifty up by 6% in November is likely to be sustained since the incoming data and news are positive," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
"Since manufacturing and construction have done well, the bulls will focus on capital goods stocks like L&T and construction-related stocks. Cement stocks may attract renewed buying interest. Autos will continue to do well," Vijayakumar added.
Tata Technologies, which listed on exchanges Thursday with an over 140 per cent premium, traded 5 per cent lower today, primarily owing to profit-booking investors.
Tata Group's Tata Technologies shares on Indian stock exchanges are listed at Rs 1,200 against its issue price of Rs 500. It closed the day at Rs 1,313.
The initial public offering (IPO) of Tata Technologies, the first by a Tata Group entity in 20 years, was widely tracked by investors. Tata Consultancy Services was the last IPO from the group back in 2004.
The public offer was subscribed 69.43 times, with the quota reserved for qualified institutional buyers (QIBs) getting booked as high as 203.41 times.
"The listing of Tata Technologies is a positive development for the company and the engineering services sector. Investors who participated in the IPO should consider holding on to their shares for the long term, as the company is well-positioned for sustained growth," Shivani Nyati, Head of Wealth, Swastika Investmart Ltd had said after the listing yesterday.
