Nifty50 Hits Record High, BSE Sensex Surges On GDP Growth Data,up 493 pts

Ira Singh
Khabar Khabaron Ki,01 Dec’23

The Indian equity benchmark indices ended higher for the fourth consecutive session on Friday,with the Nifty50 index soaring to a fresh record high as the Indian economy grew faster than expected in the September quarter. The economy expanded by 7.6%, surpassing the Reserve Bank of India’s estimate of 6.5%. The manufacturing sector played a significant role in driving this growth.At close, the Sensex was up 492.75 points or 0.74 percent at 67,481.19, and the Nifty was up 134.75 points or 0.67 percent at 20,267.90.For the week BSE Sensex and Nifty50 indices added 2 percent each.

Stocks and Sectors

NTPC, ITC, L&T, Britannia Industries and Axis Bank were the top gainers on the Nifty, while losers included Hero MotoCorp, HDFC Life, Wipro, M&M and SBI Life Insurance.

On the sectoral front, except Auto, all other indices ended in the green with Capital Goods, FMCG, Metal, Power and Realty up 1-1.5 percent each.BSE Midcap index added 1 percent, while smallcap index was up 0.5 percent.

On 01 Dec’23,the Indian rupee rose by 8 paise to close at 83.29 against the US dollar in early trade on Friday on the back of massive equity buying by foreign institutional investors and softening crude oil prices.

Positive cues from equity markets amid strong domestic macroeconomic data boosted the overall sentiment. Crude price retreated from the level of USD 84 to USD 80 per barrel as oil producing countries’ grouping OPEC+ announced no new target to reduce production for 2024, said forex traders.

Experts Take:
Market experts have recommended six stocks to buy for Friday-Jindal Steel, Eicher Motor, CCL Products, Torrent Pharma, Axis Bank and HCL Tech.