Indian Markets Rally: Nifty and Sensex Open Higher Amid Global Gains
Indian stock markets opened positively following strong US GDP figures, with Nifty 50 and BSE Sensex showing notable gains. Expert forecasts indicate potential rate cuts by RBI if GDP numbers come in lower than expected. All NSE indices, except Nifty FMCG, saw gains, emphasizing broad market growth.
- Country:
- India
Indian stock markets commenced the final trading session of August on a high, buoyed by a global rally following robust US GDP figures. The Nifty 50 index gained 97.75 points, or 0.39%, opening at 25,249.70, while the BSE Sensex surged by 0.61%, or 502 points, to start at 82,637.03 points.
Experts attribute the global market rally to solid US GDP numbers that have instilled investor confidence. Ajay Bagga, a Banking and Market Expert, remarked, "Indian markets are poised to record a two-decade high run rate today. A softer GDP number might prompt the RBI to consider rate cuts at its October MPC meeting." Bagga also noted increased domestic inflows driving this year's rally, contrasting with lower foreign investments.
All broad market indices on the National Stock Exchange (NSE) began Friday positively. Sectoral indices, except Nifty FMCG, also saw gains with Nifty Bank, Nifty Financial Services, Nifty Media, and Nifty Oil & Gas leading. Among Nifty 50 stocks, 39 opened with gains, while 11 declined. Larsen & Toubro surged as the top opener, while Tata Motors was the top loser.
Reliance Industries' shares rose over 0.39% to Rs 3,054 after announcing a 1:1 bonus consideration in their upcoming board meeting. On Thursday, both indices closed at record highs, with Sensex climbing 349.05 points to 82,134.61 and Nifty 50 up by 99.60 points to 25,151.95.
In Asia, major stock markets saw rallies. Japan's Nikkei 225 climbed 0.5%, Hong Kong's Hang Seng increased by over 1.35%, Indonesia's Jakarta Composite up by 0.38%, and South Korea's KOSPI rose more than 0.42%. In the US, the economy grew last quarter at a 3% annual rate, driven by strong consumer spending and business investment.
(With inputs from agencies.)