Stock market today: Continuing its record-breaking rally, the Indian share market on Monday, March 4, scaled yet another fresh peak given strong domestic economic growth. Besides, supportive global cues after encouraging US data and comments from Federal Reserve officials, too, aided hopes of interest rate cuts in June. Last seen, the 30-scrip index traded 107 points, or 0.13 per cent, higher at 73,913.15, and the NSE Nifty soared 32.5 points, or 0.11 per cent, at 22,402.85.

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"The massive 350-point rally in the Nifty on Friday was primarily driven by the far better-than-expected Q3 GDP numbers, which came at 8.4 per cent year-on-year (YoY). This hot number, which indicates strong momentum in the economy, triggered short covering, leading to the 350-point spurt in the Nifty. While the GDP numbers are good, it is important to understand that there is a statistical aberration in the numbers. The GVA in Q3 was only 6.5 per cent," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The big differential is due to the 32 per cent spurt in indirect taxes. It is also important to remember that the consumption numbers are tepid. In brief, there is room for optimism, but there is no case for unbridled bullishness, the expert added.

Dr. Vijayakumar added that the SEBI advisory to mutual funds regarding the excessive valuations in mid- and small-cap schemes is likely to restrain the performance of the broader market. The irrational exuberance in the broader segment has no fundamental justification.

Meanwhile, the Nifty Mid Cap 100 traded flat, whereas the Small Cap 100 traded in red. Nifty Bank was up 0.27 per cent at 47,425.9. 

BUZZING STOCKS

Info Edge India shares were up over 2 per cent after the company's mobile application, Naukri Mobile, and 99 acres returned to the Google Play Store.

Godrej Properties shares were up over 2 per cent after the company signed an agreement to develop a township on a profit-sharing model on a 62-acre site in North Bengaluru.

Signature Global shares were up over 1 per cent after the company launched a premium housing development project in Gurugram.

Patel Engineering shares were up over 2 per cent after the company and its joint venture (JV) partner received orders worth Rs 525 crore from the Telangana government.

MOIL shares were up over 6 per cent after the company made the best production in February. 

Conversely, Swan Energy shares were down over 2 per cent even after its subsidiary SLPL repaid its entire loan of Rs 2,206 crore to a consortium of banks ahead of schedule. 

Steel stocks like Tata Steel, JSW Steel, and JSPL traded lower after CLSA downgraded the steel stocks, citing expensive valuations. 

GLOBAL MARKETS

Japan's Nikkei 225 share benchmark topped 40,000 on Monday for the first time as strong demand for technology shares keeps pushing the index higher.

By midday in Tokyo, the index had gained 0.8 per cent to 40,226.83. Shares in computer-chip-related companies rallied, with Renesas Electronics Corp. Jumping 5.8 per cent and Advantest Corp. up 3.9 per cent. Olympus gained 7.4 per cent.

(With inputs from agencies.) 

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