The Asian Age
NIFTY SCALES 8K
Good GDP Q1 data, Modi’s promises woo investors
The equity markets soared to a lifetime high with the NSE Nifty crossing its psychological 8,000 level mark for the first time as a better than expected growth in India’s GDP for the April-June quarter triggered across the board buying on Monday. The Nifty climbed 73.35 points or 0.92 per cent to end the trading session at 8,027.70 while the Sensex closed at a new high of 26,867.55, gaining 229.44 points or 0.86 per cent. The index is just 132.45 points away from its psychological milestone of 27k level mark. “The GDP growth was clearly better than expected, which helped the markets to scale new highs,” said Ambareesh Baliga, market expert. He added that initially there was a little bit of concern regarding the SC ruling on coal block allocation. “However, that got postponed. Moreover, global crude oil prices are dipping, which is a huge positive for India as it would help in reducing CAD,” he said. According to the provisional data from the stock exchanges, FIIs purchased shares worth ` 554.14 crore. “Our interaction with investors indicate that most of them have turned optimistic and expect a multi- year rally, though opinion is divided about short term prospects,” said Societe Generale in a note to its clients. On Monday, the broader markets remained extremely strong with 1,923 stocks traded on the BSE closing the day higher as compared to 1,014 stocks that declined. India’s volatility index, which measures investors expectation about the near term volatility jumped 3.54 per cent on the NSE.