Indian Equity Markets, Nifty and Sensex - AxisDirect
Jul 24, 2017 | Source: Livemint
Equity and Stock Markets in India show Strong Growth
Markets reached new high on Monday as the Nifty came very close to 10,000 and the Sensex signed off at 32,246 after banking stocks came alive on better-than-expected quarterly results. Oil and gas, IT and FMCG stocks also contributed in a big way behind the rally.
There was cheer on the growth front as the International Monetary Fund (IMF), in its World Economic Outlook Update, retained India GDP forecast at 7.2 cent for the current fiscal, saying the country will pip China in growth in 2017 and 2018 as well.
The Sensex settled higher by 216.98 points, or 0.68%, at 32,245.87, a closing record. The NSE Nifty too broke free and hit an all time high of 9,982.05 in day’s trade. However, it closed at 9,966.40, a life high, up 51.15 points, or 0.52%, over its last close.
Latest report from the IMF has projected India’s growth at 7.7% in 2018 estimating a significant increase against the backdrop of ongoing economic reforms,” said a Senior Fund Manager. Better-than-expected earnings by most corporates so far and a steady progress in monsoon also aided the rally that saw several stocks touching fresh 52-week highs, traders said.
The bullishness was transferred on to broader markets, lifting both small-cap and mid-cap indices. Most Asian markets however ended mixed as investors trained their attention to the US Federal Reserve meeting later in the week. European shares were under pressure in their late morning trade.
Coming to Indian Equity Markets, Foreign portfolio investors bought shares worth a net Rs 12.90 crore while domestic institutional investors (DIIs) made purchase to the tune of Rs 147.66 crore on Friday, as per provisional data.