FIRST TRADE: Nifty hits record high, Sensex up 300 pts post-encouraging Q2 GDP print
Stock market today: Last seen, the S&P BSE Sensex was up 223.63 points, or 0.32 per cent, at 67,212.07, and the NSE Nifty was up 75.55 points, or 0.38 per cent at 20,208.7.
Stock market today: Sensex and Nifty on Friday, December 1, opened higher amid broad-based buying, mainly on better-than-expected Q2 GDP numbers and exit polls. Further, positive global cues, too, aided investor sentiment. Nifty 50 made a record high at the open after the last high was made on September 15, 2023.
Last seen, the S&P BSE Sensex was up 223.63 points, or 0.32 per cent, at 67,212.07, and the NSE Nifty was up 75.55 points, or 0.38 per cent at 20,208.7.
"The market momentum that 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 of 7.6 per cent has surpassed expectations," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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Vijayakumar added that the exit poll results indicate a high possibility of political stability after the general elections. The market will appreciate this. 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 Mid Cap 100 and Small Cap 100 were up half a per cent.
High-beta Nifty Bank was up 0.24 per cent at 44,586.9.
Delta Corp shares were up over 5 per cent after the company got interim relief from the Kolkata High Court in the GST demand case.
Tilaknagar Industries shares were up over 2 per cent on BSE after the promoter of the brewery company redeemed 1.9 crore pledged shares.
HAL shares were up over 2 per cent after the company got a nod from DAC for the procurement of the Light Combat Helicopter (LCH) and Light Combat Aircraft (LCA) Mk 1A.
HPCL shares were up over 1 per cent after the company announced it was planning to start operations at the 5 million tonne a year Chhara LNG import terminal in Gujarat in the next couple of months.
Kesoram Industries shares hit the upper circuit after the board approved the withdrawal of the scheme of demerger with its wholly owned subsidiary, i.e., Cygnet Industries Limited.
Conversely, after making a blockbuster debut on bourses on November 30, Tata Technologies' shares on Friday were down over 3 per cent.
Whirpool of India shares were down nearly 3 per cent after Whirlpool Corporation announced its plans to sell up to 24 per cent of its ownership interest in Whirlpool of India Limited in 2024.
Wipro shares were down 1 per cent after it announced on Thursday that it is working with Amazon Web Services (AWS) to redefine the future of lab processes in the life sciences industry.
Asian share markets started the last month of the year on a cautious note after recent strong gains, though growing expectations that Europe and the US are poised to cut rates should help ease pressure on local currencies and central banks.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5 per cent after a surge of 7.3 per cent last month, the most since January. Japan's Nikkei (.N225) was flat, having also jumped 8.5 per cent in November the best month in three years.
(With agency inputs.)
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