Indian stocks firm on Q2 GDP numbers, Nifty reaching a record high

On Friday morning, the final session before the weekend, Indian stock indices saw strong trading following the country’s announcement of higher-than-expected GDP growth in the July-September quarter of the 2023–24 fiscal year. At 20,263 points, the Nifty hit an all-time high today, closing 0.6% higher than it did in the previous session. Sensex opened this morning at 67,435 points, roughly 500 points below its record high. According to data released on Thursday, the Indian economy grew by 7.6% during the July–September quarter of the current fiscal year 2023–24, continuing to be the fastest-growing major economy.

“Sunil Gavaskar, The greatest opening batsman always took a fresh guard after reaching a milestone. It makes sense to take a fresh guard post market reaching all-time high,” said Nilesh Shah, MD Kotak Mahindra AMC.
“3G of Growth (earnings likely to be in the early to mid-teens), Governance (better than emerging market peers and comparable to developed world), and Green (lowest per capita carbon emitter in the world) gives confidence that it is time to stay on the pitch and score more runs,” Shah added.