On Friday, Nifty achieved historic highs, accompanied by a positive surge in the mid-small cap segment. This momentum was fueled by the faster-than-expected economic growth in the September quarter and growing optimism regarding the global interest rate outlook, according to Shrey Jain, the Founder and CEO of SAS Online.
Nifty closed at 20,267.90, marking a gain of 134.75 points or 0.67 percent, while the Sensex reached 67,481.19, climbing 492.75 points or 0.74 percent. The Sensex is now just 446 points away from its all-time high of 67,927.23.
Jain mentioned that despite the positive figures, investors exercised caution due to upcoming election results scheduled for Sunday. The data signals a potential rally for Nifty, projecting an upward move to 20,600 in the coming sessions, with a robust support level at 20,150.
However, there might be a pause in case of unfavorable election results. The overall trend remains positive, painting an optimistic picture for the market.
Vaibhav Vidwani, a Research Analyst at Bonanza Portfolio, noted that Nifty PSU, Nifty FMCG, and Nifty Reality were among the outperforming sectors, rising by 1.86 percent, 1.58 percent, and 1.36 percent, respectively.
The positive sentiment is attributed to India's GDP growth of 7.6 percent in the July-September quarter, surpassing street estimates and RBI projections. This solidifies India's position as the fastest-growing major economy globally. Additionally, the positive indications from the exit polls of five state elections pointed to a market rebound.
In other developments, Dixon Technologies' subsidiary, Padget Electronics, inaugurated a new smartphone production facility in Noida, Uttar Pradesh. The new manufacturing plant has started producing smartphones for Xiaomi India in Q3 2023.
The stock of Dixon Technologies ended the day 8 percent higher, driven by the positive news. On the Nifty, Hero MotoCorp, HDFC Life, Wipro, M&M, and SBI Life Insurance were among the biggest losers, while the top gainers included NTPC, ITC, L&T, Britannia Industries, and Axis Bank.
(With Agency Inputs)
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