Key benchmark indices opened with small gains Monday tracking mixed cues from Asia as investors await China’s 2024 GDP estimate
Key benchmark indices opened with small gains Monday tracking mixed cues from Asia as investors await China’s 2024 GDP estimate due tomorrow. The BSE Sensex rose 150 points to 73,980 and the NSE Nifty hit a fresh high again by rising 82 points to 22,441.
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NTPC, Power Grid surged 1-3 per cent, leading gains on the Sensex. Bajaj Auto, Coal India and Adani Ports were the additional Nifty winners.
On the flip side, JSW Steel, Tata Steel, Titan, Nesle, Asian Paints, Eicher Motors and Tata Consumer were among the frontline drags.
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V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said: “The massive 350-point rally in the Nifty on Friday was primarily driven by the far better-than-expected Q3 GDP numbers which came at 8.4% YoY. This hot number which indicates strong momentum in the economy triggered short covering leading to the 350 point spurt in the Nifty. While the GDP numbers are good it is important to understand that there is a statistical aberration in the numbers. The GVA in Q3 is only 6.5%. The big differential is due to the 32% spurt in indirect taxes. It is also important to remember that the consumption numbers are tepid. In brief, there is room for optimism but there is no case for unbridled bullishness. The SEBI advisory to mutual funds regarding the excessive valuations in the mid and small cap schemes is likely to restrain the performance of the broader market. The irrational exuberance in the broader segment has no fundamental justification.”
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Global Cues
Japan’s benchmark Nikkei index surpassed the 40,000 mark for the first time on Monday following gains on Wall Street. The Nikkei added 0.84 per cent, or 334.87 points, to 40,245.69 shortly after the opening bell, while the broader Topix index rose 0.30 per cent or 8.07 points to 2,717.49. The dollar stood at 150.04 yen, compared with 150.11 yen seen Friday in New York.
Asian share markets firmed on Monday as the Nikkei reached another new high and investors braced for a week packed with central bank events and major data that will refine market wagers for when interest rates will start falling.
US stocks rose on Friday, with the S&P 500 and Nasdaq closing at record highs, as technology stocks rallied on continued enthusiasm for artificial intelligence, with further support from declining Treasury yields.
