Categories: Top News

Indian Stocks Remain firm on Q2 GDP numbers, Nifty hits record high

Indian stock indices displayed remarkable strength in Friday’s morning session, propelled by better-than-expected GDP growth figures for the July-September quarter of the 2023-24 fiscal year. The Nifty touched its all-time high at 20,263 points, registering a 0.6 percent increase from its previous closing, while the Sensex, although 500 points below its all-time high, stood firm at 67,435 points.

India’s GDP growth for the July-September quarter soared to 7.6 percent, reaffirming its position as the fastest-growing major economy. The robust growth follows a 7.8 percent expansion in the April-June quarter. Market experts and industry leaders are optimistic about the country’s economic trajectory.

“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 an all-time high,” commented Nilesh Shah, MD Kotak Mahindra AMC. Shah emphasized the “3G of Growth” – anticipating earnings in the early to mid-teens, robust governance outpacing emerging market peers, and a commitment to green initiatives, making India the lowest per capita carbon emitter globally.

In the past month, Indian stock indices have seen a cumulative rise of 5-6 percent, driven by positive economic indicators and news. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, expects the market momentum to continue, citing favorable data and news.

“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, outlining sectors likely to benefit from the bullish sentiment.

However, amidst the positive market sentiment, Tata Technologies, which debuted on exchanges Thursday with a remarkable 140 percent premium, witnessed a 5 percent dip today due to profit-booking by investors. The Tata Group’s engineering services arm saw its shares listed at Rs 1,200, significantly higher than the issue price of Rs 500, closing the day at Rs 1,313.

Tata Technologies’ initial public offering (IPO), the first by a Tata Group entity in two decades, garnered significant attention, being oversubscribed 69.43 times. The strong demand, especially from qualified institutional buyers (QIBs), highlights investor confidence in the company’s growth prospects.

“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,” advised Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, expressing optimism about the company’s future.

Riya Pokhriyal

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