Strong Q2 GDP numbers lift Nifty to life high of 20,268 points

MUMBAI: The Nifty rallied to a new all-time high, while the sensex inched towards record levels on Friday as a host of domestic and global tailwinds helped domestic stocks rally.
The Nifty gained 135 points to close at 20,268, while the sensex added 493 points to settle at 67,481. Domestic factors like above-estimate GDP growth of the Indian economy in the July-September quarter (Q2 FY24) and strong manufacturing PMI numbers, along with global factors like sliding crude oil prices and US gilt yields, helped the rally on Dalal Street.

In late trades, the Nifty hit a new life high at 20,292 points, while the sensex recorded an intra-day peak at 67,564 points – less than 400 points from its life-high figure of 67,927.
Net foreign fund flow in November – at about Rs 9,000 crore – after two consecutive months of net outflow is also giving confidence to market players about the current rally, brokers said.
According to Vinod Nair of Geojit Financial Services, India’s GDP numbers will raise the growth outlook for fiscal 2024 and provide cheer for the market to continue its upward momentum. “The global market, too, rallied on hopes that the ECB has completed its rate-hiking cycle on the back of easing inflation and ahead of the US Fed chairman’s speech (later in the day).”
The day’s rally in the market took BSE’s market capitalisation to Rs 342.5 lakh crore translating to $4.1 trillion.