Nifty hits all-time high at 20,238, Sensex in green at 67,286 - Hindustan Times
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Nifty hits all-time high at 20,238, Sensex in green at 67,286

Reuters |
Dec 01, 2023 10:07 AM IST

The Indian economy expanded 7.6% in the September-quarter, faster than the 6.8% forecast.

NSE's Nifty hit a fresh record high on Friday, as faster-than-expected economic growth in the September-quarter added to optimism over the global interest rate outlook.

BSE building. (File)
BSE building. (File)

The NSE Nifty 50 index rose as much as 0.52% to 20,238.45, a new record high, while the S&P BSE Sensex was up 0.44% at 67,286.16, as of 9:35 a.m. IST.

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The Indian economy expanded 7.6% in the September-quarter, faster than the 6.8% forecast in a Reuters poll of economists and the Reserve Bank of India's estimate of 6.5%, led by manufacturing growth.

"India's growth outlook remains positive, with various capex initiatives of the government likely to trigger consumption at the bottom of the pyramid," Pramod Gubbi, founder of Marcellus Investment Management, said.

The expectation that we are at the peak of the interest rate cycle in the U.S. has facilitated the move of flows towards more risky assets like emerging equities, especially India, Gubbi added.

Nifty and Sensex posted their best month in 2023 in November, aided by the return on foreign portfolio investor (FPI) inflows.

FPIs snapped a two-month selling streak in November, adding stocks worth 90 billion rupees ($1.1 billion).

Wall Street equity indexes rose overnight, with the Dow Jones Industrial Average clocking its best month since October 2022, after consumer spending data signalled cooling demand, boosting the rate outlook.

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