All sectoral indices in India’s stock market opened positively on Monday as the market continued to advance from the previous week. According to Ajit Mishra, SVP – Technical Research, Religare Broking, markets last week gained almost 1% after a five-week losing streak.
Benchmark Sensex and Nifty were at 65,603.39 and 19,509.95 points, up 0.33 per cent and 0.38 per cent, respectively. Nifty Metal, Nifty IT, and Nifty PSU bank indices were the top movers this morning.
Indian economy witnessing a firm GDP growth rate of 7.8 per cent in the first quarter (April-June) of 2023-24 is likely to have improved investors’ sentiment lately. With a GDP growth of 7.8 per cent, India continues to be the fastest-growing major economy.
Against this backdrop, Morgan Stanley has upwardly revised their economic growth forecast for India for fiscal year 2024 after April-June quarter data showed it grew at its quickest pace in a year. The multinational investment bank raised growth forecast to 6.4 per cent from its earlier estimate of 6.2 per cent.
Notably, in the middle of July, the Sensex first crossed the 67,000 threshold. The bull run in Indian stocks was subsequently fueled by a strong global economy, a strong global stock market, and a relatively moderated inflation rate. According to data from the National Securities Depository (NSDL), foreign portfolio investors (FPIs) have continued to be net buyers in Indian stock markets for the sixth consecutive month as of August.
