Indian Stock Market Opens Higher on Strong GDP Growth Data
The Indian benchmark indices opened higher on Monday as key economic indicators, including GDP growth and strong GST collections, met expectations. Early trading saw buying interest in the auto and IT sectors.
Mumbai: The Indian benchmark indices opened higher on Monday as key economic indicators, including GDP growth and strong GST collections, met expectations. Early trading saw buying interest in the auto and IT sectors.
Table of Contents
At around 9:39 AM, the Sensex was trading 133.58 points or 0.18% higher at 73,331.68, while the Nifty added 46.25 points or 0.21%, reaching 22,170.95.
Sector Performance
- Nifty Bank was up by 35.50 points or 0.07%, trading at 48,380.20.
- Nifty Midcap 100 index was at 47,947.55, adding 32.35 points or 0.07%.
- Nifty Smallcap 100 index stood at 14,732.40, gaining 32.20 points or 0.22%.
Positive Economic Outlook
According to experts, the recent economic data signals positive growth for India. The GDP growth figures for Q3, which picked up from 5.6% in Q2 to 6.2% in Q3, along with expectations of above 7% growth in Q4, indicate a cyclical recovery that is favorable for the stock market.
Market analysts suggest that Nifty may face key resistance at 22,300, with a breakout above this level possibly driving further gains towards 22,530 and 22,670.
On the downside, immediate support is placed at 21,929, a crucial level for monthly trends. A breakdown below this mark could push the index lower towards 21,718, signaling a cautious outlook if Nifty struggles to maintain support at critical levels.
Also Read: Stock Market: Important Period for Investors to Focus on Long-Term Opportunity
Top Gainers and Losers
Among the top gainers in the Sensex pack were UltraTech Cement, M&M, Infosys, Zomato, L&T, Adani Ports, PowerGrid, ICICI Bank, TCS, Tata Steel, HDFC Bank, and Bharti Airtel. On the other hand, the top losers included IndusInd Bank, Bajaj Finserv, NTPC, Axis Bank, and Kotak Mahindra Bank.
Global Market Performance
In the previous trading session, the Dow Jones added 1.39%, closing at 43,840.91, while the S&P 500 climbed 1.59% to 5,954.50, and the Nasdaq rose 1.63% to close at 18,847.28.
In the Asian markets, only Bangkok was trading in the red. Meanwhile, markets in China, Japan, Jakarta, and Hong Kong were all in the green.
Foreign and Domestic Institutional Activity
Foreign Institutional Investors (FIIs) continued their selling streak for the seventh consecutive day, offloading equities worth Rs 11,639.02 crore on February 28. However, Domestic Institutional Investors (DIIs) were active buyers, purchasing equities worth Rs 12,308.63 crore on the same day.
