The Asian Age

NIFTY SCALES 8K

Good GDP Q1 data, Modi’s prom­ises woo in­vestors

- AGE COR­RE­SPON­DENT

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.

For­mer min­is­ter

 ??  ?? Credit for Q1 be­longs to the UPA gov­ern­ment. The NDA should stop be­ing churl­ish and give credit where it is due.
Credit for Q1 be­longs to the UPA gov­ern­ment. The NDA should stop be­ing churl­ish and give credit where it is due.

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