Senséx, Nifty rally to new peaks as Moody's revises India's growth forecast to 7.2%
Driven by strong global trends and moody's decision to lift India's 2024 GDP growth prediction to 7.2%, benchmark stock market indexes opened at all-time highs. By 9:20 AM, the NSE Nifty50 had gained 87.45 points to 25,239.40, while the S&P BSE Sensex had advanced 502.42 points to 82,637.03.
Mukesh Ambani's AI-focused approach for reliance Industries, robust foreign institutional investor (FII) buying, and positive US GDP statistics provided additional support for the indexes. According to Dr. v K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the absence of volatility is a key component of the current market trend.
"Over the past 11 trading sessions, the market has been rising gradually while the VIX, which measures volatility, has dropped to 13.79. The market's durability has been bolstered by the DIIs and HNIs' ongoing acquisition of high-quality large-cap stocks, as well as the FIIs' notable reduction in selling and selective purchasing on specific days," he continued.
Mukesh Ambani's AI-focused approach for reliance Industries, robust foreign institutional investor (FII) buying, and positive US GDP statistics provided additional support for the indexes. According to Dr. v K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the absence of volatility is a key component of the current market trend.
"Over the past 11 trading sessions, the market has been rising gradually while the VIX, which measures volatility, has dropped to 13.79. The market's durability has been bolstered by the DIIs and HNIs' ongoing acquisition of high-quality large-cap stocks, as well as the FIIs' notable reduction in selling and selective purchasing on specific days," he continued.
"The market is probably going to stay in this short-term trend. If there is significant purchasing in banking stocks, there may be a breakout from the current market. However, despite favorable prices, the banking system's fight for deposits and the ensuing worry of pressure on margins are keeping the market for banking equities weak. Right present, large-caps are outperforming the overall market. It's a positive trend, according to Vijayakumar.