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NSE Hits All-Time High After Upbeat Growth Data, Exit Poll Results

NSE Hits All-Time High After Upbeat Growth Data, Exit Poll Results

On Friday, the NSE Nifty 50 index achieved a historic milestone, surging by 0.52% to reach a record high of 20,238.45, reflecting the buoyant sentiment stemming from the unexpectedly robust economic growth in the September quarter. Concurrently, the S&P BSE Sensex also climbed 0.44% to reach 67,286.16 by 9:35 am.

The Indian economy outpaced expectations, expanding by 7.6% in the September quarter, surpassing the 6.8% forecast in a Reuters poll and the Reserve Bank of India's estimate of 6.5%. This growth was primarily propelled by robust manufacturing expansion.

Pramod Gubbi, founder of Marcellus Investment Management, expressed optimism about India's growth outlook, citing government capex initiatives expected to stimulate consumption at the grassroots level. The perception that the US interest rate cycle has peaked prompted a shift in investment towards riskier assets, particularly Indian equities.

November marked the best month for Nifty and Sensex in 2023, driven by the resurgence of foreign portfolio investor inflows. Wall Street's positive momentum, reinforced by the Dow Jones Industrial Average's strongest month since October 2022, further fueled optimism. Exit polls for state elections indicated a potential advantage for the Bharatiya Janata Party in Rajasthan and Madhya Pradesh, with the Congress leading in Chhattisgarh and Telangana. Analysts anticipate that a decisive BJP victory could strengthen expectations for the 2024 general elections, potentially triggering another market rally. India's general elections are scheduled for early next year.

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NSE Hits All-Time High After Upbeat Growth Data, Exit Poll Results

NSE Hits All-Time High After Upbeat Growth Data, Exit Poll Results

On Friday, the NSE Nifty 50 index achieved a historic milestone, surging by 0.52% to reach a record high of 20,238.45, reflecting the buoyant sentiment stemming from the unexpectedly robust economic growth in the September quarter. Concurrently, the S&P BSE Sensex also climbed 0.44% to reach 67,286.16 by 9:35 am.

The Indian economy outpaced expectations, expanding by 7.6% in the September quarter, surpassing the 6.8% forecast in a Reuters poll and the Reserve Bank of India's estimate of 6.5%. This growth was primarily propelled by robust manufacturing expansion.

Pramod Gubbi, founder of Marcellus Investment Management, expressed optimism about India's growth outlook, citing government capex initiatives expected to stimulate consumption at the grassroots level. The perception that the US interest rate cycle has peaked prompted a shift in investment towards riskier assets, particularly Indian equities.

November marked the best month for Nifty and Sensex in 2023, driven by the resurgence of foreign portfolio investor inflows. Wall Street's positive momentum, reinforced by the Dow Jones Industrial Average's strongest month since October 2022, further fueled optimism. Exit polls for state elections indicated a potential advantage for the Bharatiya Janata Party in Rajasthan and Madhya Pradesh, with the Congress leading in Chhattisgarh and Telangana. Analysts anticipate that a decisive BJP victory could strengthen expectations for the 2024 general elections, potentially triggering another market rally. India's general elections are scheduled for early next year.

 
 
 

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