Stock market today: The benchmark index, Nifty50, hit a fresh record high of 20,291.55 on Friday, December 1, amid a slew of positive domestic as well as global cues. The index settled at a fresh closing peak of 20,267.90.

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The S&P BSE Sensex, meanwhile, ended at 67,481.19, up 493 points, or 0.74 per cent. Its all-time high level stands at 67927.23, which was hit on September 15.

November has been a terrific month for the benchmark indices. The Sensex has jumped over 5 per cent, while the Nifty has rallied nearly 6 per cent during the period.

Here's a list of factors that drove the indices higher today.

Q2 GDP print beats estimates: Investor sentiment got a major boost on better-than-expected GDP numbers for the September quarter (Q2 FY24). The economy grew 7.6 per cent during the quarter and remained the fastest-growing large economy, mainly due to better performance in the manufacturing, mining, and services sectors, the government data showed on Thursday.

Exit polls: Most exit polls on Thursday put the BJP ahead in Madhya Pradesh and gave it an edge in Rajasthan while predicting that it was an advantage to Congress in Telangana and Chhattisgarh. India Today-Axis My India, Today's Chanakya, and India TV-CNX predicted a big victory for the BJP in Madhya Pradesh. While most pollsters predicted an edge for the BJP in Rajasthan, three exit polls in their upper limit forecast a Congress win in the desert state, said a PTI report.

Gradual return of FIIs in November: The gradual return of foreign institutional investors (FIIs) in November after the global sell-off during the three months of (Aug to Oct) is having a steady positive effect in India, notes Vinod Nair, Head of Research at Geojit Financial Services. As per reports, foreign investors purchased around $640 million; however, the net inflows have been on specific days. On Thursday, November 30, FIIs sold stocks of domestic companies worth Rs 58,682.68 crore and bought stocks for Rs 66,830.53 crore, resulting in an inflow of Rs 8,147.85 crore, according to NSE data.

Positive global cues: According to a Reuters report, November emerged as a fairytale month for global stocks as traders bet on a Goldilocks scenario of inflation falling and central banks lowering interest rates. Easing inflation has boosted talk that the US Federal Reserve, the European Central Bank, and others are done with aggressive rate hikes, lifting bonds and stocks while hurting the dollar. "Global bond prices have soared, with an ICE BofA index of global investment-grade bonds in major markets set to return almost 4 per cent in November, the best month on record going back to 1997," the report added.

Tech view: Nagaraj Shetti, Technical Research Analyst at HDFC Securities, notes that the short-term trend of the Nifty continues to be positive. Having moved above the crucial hurdles recently, the market is expected to zoom into new all-time highs in the near term, the expert said on Thursday. "However, the exit polls of Thursday evening and the recently concluded assembly election results of the weekend are expected to show fresh direction for the markets ahead. Immediate support is placed at 19,900–19,950 levels," the expert added. 

Other positive developments: India on Thursday accorded initial approval to defence acquisition projects worth Rs 2.23 lakh crore that included the procurement of 97 Tejas light combat aircraft and 156 Prachand combat helicopters, in a major move to significantly enhance the combat capabilities of the armed forces. This not only boosted the defence stocks but also the overall sentiment.

Besides, encouraging auto sales numbers also enthused investors. The automobile sector logged 19 per cent retail sales volume growth during the 42-day festive period, according to the Federation of Automobile Dealers Association (FADA).