As investors wait for domestic quarterly growth data, benchmark equity indices Sensex and Nifty reached new all-time high levels in early trade today, tracking gains in regional peers after US economic data allayed growth concerns.
Early trading experienced the S&P BSE Sensex rise to 82,725.28, while the NSE Nifty 50 index rose to 25,333.28. Both benchmarks reached all-time highs.
Amidst renewed foreign fund inflows and hopes for a US rate cut, equity markets have been steadily rising. The top gainers among the 30 Sensex companies were Asian Paints, Bajaj Finserv, HCL Tech, ITC, Tech Mahindra, and Infosys. NTPC, Bharti Airtel, Tata Motors, and Mahindra & Mahindra were a few of the underachievers.
On Friday, the Nifty experienced its longest-ever rally, rising for the twelfth straight session and pushing the market to new heights amid expectations of an impending US interest rate cut this month.
Hero MotoCorp reported a nearly 5% increase in domestic sales in August, while TVS Motor reported a 13% increase in domestic two-wheeler sales. India’s economy expanded 6.7% year over year in the April–June quarter, down from 7.8% in the previous quarter, but it was still the fastest-growing major economy in the world.
According to Sakshi Gupta, principal economist at HDFC Bank, “the GDP print shows that the growth momentum continued in the first quarter, despite a usual seasonal slowdown and the impact of the country’s national general election.”
Monday saw little movement in Asian share markets as traders prepared for an event-packed week that included a US jobs report that could determine whether this month’s anticipated rate cut would be a regular one or a supersized one.
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