Last Updated: March 04, 2024, 09:35 IST
Key benchmark indices opened with small features Monday monitoring combined cues from Asia as buyers await China’s 2024 GDP estimate due tomorrow. The BSE Sensex rose 150 factors to 73,980 and the NSE Nifty hit a contemporary excessive once more by rising 82 factors to 22,441.
NTPC, Power Grid surged 1-3 per cent, main features on the Sensex. Bajaj Auto, Coal India and Adani Ports had been the extra Nifty winners.
On the flip facet, JSW Steel, Tata Steel, Titan, Nesle, Asian Paints, Eicher Motors and Tata Consumer had been among the many frontline drags.
V Okay Vijayakumar, Chief Investment Strategist, Geojit Financial Services, mentioned: “The massive 350-point rally in the Nifty on Friday was primarily driven by the far better-than-expected Q3 GDP numbers which came at 8.4% YoY. This hot number which indicates strong momentum in the economy triggered short covering leading to the 350 point spurt in the Nifty. While the GDP numbers are good it is important to understand that there is a statistical aberration in the numbers. The GVA in Q3 is only 6.5%. The big differential is due to the 32% spurt in indirect taxes. It is also important to remember that the consumption numbers are tepid. In brief, there is room for optimism but there is no case for unbridled bullishness. The SEBI advisory to mutual funds regarding the excessive valuations in the mid and small cap schemes is likely to restrain the performance of the broader market. The irrational exuberance in the broader segment has no fundamental justification.”
Global Cues
Japan’s benchmark Nikkei index surpassed the 40,000 mark for the primary time on Monday following features on Wall Street. The Nikkei added 0.84 per cent, or 334.87 factors, to 40,245.69 shortly after the opening bell, whereas the broader Topix index rose 0.30 per cent or 8.07 factors to 2,717.49. The greenback stood at 150.04 yen, in contrast with 150.11 yen seen Friday in New York.
Asian share markets firmed on Monday because the Nikkei reached one other new excessive and buyers braced for per week filled with central financial institution occasions and main information that may refine market wagers for when rates of interest will begin falling.
US shares rose on Friday, with the S&P 500 and Nasdaq closing at document highs, as know-how shares rallied on continued enthusiasm for synthetic intelligence, with additional assist from declining Treasury yields.
