In Monday's afternoon trade, FMCG (Fast-Moving Consumer Goods) and IT (Information Technology) stocks demonstrated strength, contributing to a positive shift in the Sensex.
After initially being in the red during morning trade, the Sensex rebounded, gaining 173 points and reaching 72,410 points. Nestle emerged as the top gainer, experiencing an increase of more than 2% in trade. ITC also contributed to the positive trend with a gain of more than 1%.
IT stocks witnessed notable gains, with Wipro and Tech Mahindra surging more than 2%. HCL Tech registered an increase of more than 1%, while Tata Motors saw a gain of more than 1%.
On the other hand, among the Sensex losers, Bharti Airtel experienced a decline of more than 2%, and M&M (Mahindra & Mahindra) was down more than 1%.
As the New Year commences, V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, characterized the current economic and market scenario as a "Goldilocks" situation. He highlighted the strong growth momentum in the economy, predicting a 7% GDP growth in FY24, followed by approximately 6.7% growth in FY25, accompanied by robust corporate earnings growth.
Vijayakumar also noted the favorable condition of the banking system, stable macroeconomic indicators, and the anticipation of political stability after the General Elections, contributing to an optimistic outlook for the economy and markets.
(With Agency Inputs)
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