Daily Market Commentary : Markets were buoyed by better-than-expected Q2 GDP growth of 7.6% says Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd
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Below the Daily Market Commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Nifty started December on an eventful note, surpassing its previous high and making a new life high of 20,291. Markets were buoyed by better-than-expected Q2 GDP growth of 7.6%. even global markets were supportive with US Dow at 52-week high. Nifty closed with handsome gains of 135 points (+0.7%) at 20268 levels. All sectors ended in green, except Auto. FMCG, Financials, Realty and PSU Bank were top gainers. Niche sectors like Defence and Power were also in momentum. Defense stocks were in limelight after Government approved ?2.23lakh crore defense acquisition projects. Indian equities gained for the fifth consecutive week driven by strong economic data, healthy corporate earnings and cheerful festive season. Return of FIIs, multiple upgrades of India’s economic growth by global firms, added to the overall positivity.
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