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The markets commenced on positive note on Friday on the back of strong GDP data Breadth of the market is also overwhelmingly positive.
The NSE Nifty was up by 0.41 per cent or 83.35 points at 20,216, while the BSE Sensex was up 0.47 per cent or 314.08 points at 67,302. A total of 2,613 stocks were traded on the BSE, of which, 2,020 advanced, while 404 declined and 115 stocks remained unchanged. As many as 189 stocks hit a 52 week high and 8 stocks hit a 52 week low at 10 am on Friday.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The market momentum which pushed the Nifty up by 6 per cent in November is likely to be sustained since the incoming data and news are positive. First, the Q2 FY24 GDP growth rate at 7.6 per cent has surpassed expectations. Particularly, the 13.9 per cent growth in manufacturing and 13.3 per cent growth in construction are impressive numbers.
This has the potential to push the FY24 GDP growth rate to above 6.8 per cent, significantly higher than the RBI’s projection of 6.5 per cent. Second, the exit polls results indicate a high possibility of political stability after the General elections. The market will appreciate this.”
He further added, “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. Nifty is set to move to record highs.”
Major gainers on the BSE include Aster dm healthcare, ITD Cementation india, Wardwizard Innovations & Mobility, Brigade enterprises, Vaibhav global Ltd with gains ranging from 9.17 per cent to 6.30 per cent. Major losers on the BSE include Ion Exchange India, The New India Assurance Company, Max Healthcare Institute, Whirlpool of India, Supreme Industries with losses ranging from 3.88 per cent to 2.73 per cent
BSE MidCap (0.68 per cent) and BSE SmallCap (0.74 per cent) indicated gains.
Stocks that hit a 52 week high on the NSE include 21st Century Management Services Limited, 360 ONE WAM LIMITED, AGS Transact Technologies Limited, 63 moons technologies, Ajanta Pharma Limited
Stocks that hit a 52 week low on the NSE include Sel Manufacturing, Shaily, Raj Rayon Industries Limited ,Blue Jet Healthcare Limited, Gandhar Oil Refinery (India) Limited
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