Indian equity markets continued to gallop ahead with the Nifty hitting 8,000 mark on hopes of acche din after April-June GDP data showed a break from the sub-5 percent growth to hit a nine-quarter high. The Sensex hit also seemed to be inching closer to 27,000 mark. Global cues also aided the Indian markets.
At 09:48 am, the Sensex was at 26,817, up 178.89 or 0.7% and the Nifty at 8,009.30, up 54.95 or 0.7 percent. The Nifty’s surge was led by consumer durables and public sector banks.
Ramdeo Agarwal of Motilal Oswal Securities expects the benchmark indices to hit 10,000 mark by the next budget, which is about 5-6 months away from now.
“There is enough time for the indices to gain about 25 percent,” he told CNBC-TV18. He said prime minister Narendra Modi’s first budget was more of a clean up of the earlier mess and the second budget should see more meaning full steps that would take economic growth to the next level.
The GDP data released Friday showed the economy grew 5.7 percent during April-June, much higher than expected. The data has given rise to hopes that the sentimental boost after Modi’s assumed power at the Centre has boosted the fundamentals of the economy too.
Coal India, NTPC, Hero MotoCorp, Hindalco and L&T are major gainers in the Sensex. Among the losers are BHEL and Infosys.
The Indian rupee opened flat at 60.50 per dollar. At 09:50 am, the Indian unit was at 60.51 against the dollar.
However, the markets are bracing for a crucial Supreme Court verdict today in the coal block allocation scam.
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