Indian stock indices traded firmly on
the morning of Friday, the last session before the weekend, after Bharat reported
more-than-expected GDP growth in the July-September quarter of the 2023-24
fiscal year.
Nifty today tasted its all-time high at
20,263 points, 0.6 per cent higher than its previous session closing. Sensex
was about 500 points lower than its all-time high at 67,435 points this
morning.
The Indian economy grew 7.6 per cent
during the July-September quarter of the current financial year 2023-24,
remaining the fastest-growing major economy, data showed Thursday. Bharat’s GDP
growth for the April-June quarter grew 7.8 per cent.
“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.
Over the past month, the Indian stock
indices have risen about 5-6 per cent on a cumulative basis.
“The market momentum which pushed the
Nifty up by 6 per cent in November is likely to be sustained since the incoming
data and news are positive,” said VK Vijayakumar, Chief Investment Strategist
at Geojit Financial Services.
“Since manufacturing and construction have
done well, the bulls will focus on capital goods stocks like L&T and
construction-related stocks. Cement stocks may attract renewed buying interest.
Autos will continue to do well,” Vijayakumar added.
Tata Technologies, which listed on
exchanges Thursday with an over 140 per cent premium, traded 5 per cent lower
today, primarily owing to profit-booking investors.
Tata Group’s Tata Technologies shares on
Indian stock exchanges are listed at Rs 1,200 against its issue price of Rs
500. It closed the day at Rs 1,313.
The initial public offering (IPO) of
Tata Technologies, the first by a Tata Group entity in 20 years, was widely
tracked by investors. Tata Consultancy Services was the last IPO from the group
back in 2004.
The public offer was subscribed 69.43
times, with the quota reserved for qualified institutional buyers (QIBs)
getting booked as high as 203.41 times.
“The listing of Tata Technologies is a
positive development for the company and the engineering services sector.
Investors who participated in the IPO should consider holding on to their
shares for the long term, as the company is well-positioned for sustained
growth,” Shivani Nyati, Head of Wealth, Swastika Investmart Ltd had said after
the listing yesterday.
ANI
