MUMBAI: Indian stock markets opened on a positive note on the last trading session of August, following a global rally in stocks after the strong GDP numbers of the US economy. The Nifty 50 index gained 97.75 points, or 0.39 per cent, to open at 25,249.70, while the BSE Sensex surged by 0.61 per cent, or 502 points, to open at 82,637.03 points.
According to experts, markets globally rallied after the strong US GDP numbers bolstered investor confidence. “Indian markets are expected to record a two decades high successive positive days run rate today. GDP is expected to come a little soft this evening. A lower than expected GDP number could lead to markets seeking a rate cut by the RBI at its October MPC meeting”, said Ajay Bagga, Banking and Market Expert.
He further highlighted that “This year’s rally has been driven by domestic Indian flows, with FIIs contributing just $2.6 billion this year versus the USD 22 billion in 2023. Moody’s increased their estimate of Indian GDP for both 2024 and 2025 while decreasing the inflation outlook number”.
In the broad market on the National Stock Exchange (NSE), all indices, including the Nifty Next 50, Nifty 100, Nifty Microcap, and Nifty Smallcap, started Friday’s session on a positive note. Among the sectoral indices on the NSE, all sectors gained except for Nifty FMCG, with Nifty Bank, Nifty Financial Services, Nifty Media, and Nifty Oil & Gas leading in gains.
In the Nifty 50 stocks list, 39 stocks opened with gains, while 11 declined in the opening session. Larsen & Toubro emerged as the highest opener with a surge of 1.41 per cent, while Tata Motors opened as the top loser in the Nifty 50. The shares of Reliance Industries also surged more than 0.39 per cent to Rs 3,054 after the company announced that it would consider 1:1 bonus in its upcoming Sept 5th board meeting.
On Thursday, both indices closed at record highs after a strong session. The Sensex climbed 349.05 points to end at 82,134.61, and the Nifty 50 gained 99.60 points (+0.40 per cent) to close at 25,151.95.
In Asia, a rally was witnessed across all major stock markets. Japan’s Nikkei 225 surged by 0.5 per cent, Hong Kong’s Hang Seng surged by more than 1.35 per cent, Indonesia’s Jakarta Composite surged by 0.38 per cent, and South Korea’s KOSPI also gained more than 0.42 per cent.
In US, according to the government data the economy grew last quarter at a 3% annual rate which was fuelled by strong consumer spending and business investment. The Commerce Department of the country had previously estimated the US gross domestic product-the total output of goods and services-expanded at a 2.8 per cent rate from April through June. (ANI)