15C
Delhi
Wednesday, January 27, 2021

Faster GDP recovery, healthy fund flows lift markets

- Advertisement -

India’s FY21 GDP outlook worsens, IMF sees 10.3% contractionMumbai, Dec 1 (IANS) Better-than-expected recovery in Q2FY21 GDP, along with healthy GST collection numbers as well as in-line automobile sales’ figures, pushed the Indian equity markets higher on Tuesday.

Besides, healthy foreign fund inflows too lifted the markets higher.

Data regarding FII and FPI trading activity on BSE, NSE & MSEI in Capital Market Segment showed Rs 3,242 crore flowing in.

Globally, Asia-Pacific and European markets rose on the back of encouraging Chinese factory data prompted investors to look ahead to a global economic recovery.

Back home, consistent FII inflow along with hopes of accelerated development and roll-out of an anti-Covid-vaccine supported the market’s northward trajectory.

Among sectors, realty and PSU banks, IT, pharma, media and metals’ stocks rallied.

READ ALSO:  Non-tax revenue of Rs 84,000 cr collected so far in FY21: Govt

The Nifty50 on the National Stock Exchange (NSE) gained 140.10 points, or 1.08 per cent, to close at 13,109.05 points.

The S&P BSE Sensex ended at 44,655.44 points, up 505.72 points, or 1.15 per cent, from its previous closing.

“Nifty is not very far from its recent all-time high of 13,146 and going by the recent momentum it does not look tough for the Nifty to touch or breach it,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

“On falls, 12,987 could provide support. We are seeing stocks that have underperformed so far coming into favour and this rotation continues.”

Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services said: “Indian equity market resumed its upward journey on the first day of December after ending November on a strong note.”

READ ALSO:  [Hindi] लॉकडाउन में अर्थव्यवस्था के मुकाबले स्वास्थ्य सर्वोपरि : नायडू

“Nifty finished November with 11.5 per cent gains – its second best monthly performance this year – led by record FII inflows and progress on Covid-19 vaccines. Going ahead, the overall structure of the market remains positive, but intermittent profit booking cannot be ruled out given the sharp rally in the past few weeks.”

READ ALSO:  Now coal demand expected to rise in festive season, say Ind-Ra

“On the domestic side, market is likely to continue its positive momentum for some more time. Auto companies reported in-line sales numbers for November. Banks and financial stocks would be in focus ahead of RBI’s monetary policy scheduled on Friday.”

–IANS

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

Trending News In India

Trending Showbiz

Trending Sports

Latest Trending News In India

Congress demands sacking of Home Minister over Delhi violence

New Delhi, Jan 27 (IANS) A day after violent clashes broke out between the police and the protesting farmers in the heart of the...

Cryptocurrency industry hopeful as RBI mulls over digital currency

New Delhi, Jan 27 (IANS) With the Reserve Bank of India (RBI) now saying that it is exploring the need for a digital version...

45 buses damaged in Jan 26 violence, says DTC

New Delhi, Jan 27 (IANS) At least 45 Delhi Transport Corporation (DTC) buses were damaged in the violence on Republic Day as section of...

Tractor rally violence: Plea in HC seeks removal of Delhi top cop

New Delhi, Jan 27 (IANS) A petition has been filed in the Delhi High Court seeking removal of Delhi Police Commissioner S.N. Shrivastava from...