Morning market quote : Nifty is set to move to record highs Says Dr. V K Vijayakumar, Geojit Financial Services
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Below Quote On Morning Market 1 December 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"The market momentum which pushed the Nifty up by 6% in November is likely to be sustained since the incoming data and news are positive. First, the Q2 FY24 GDP growth rate at 7.6% has surpassed expectations. Particularly, the 13.9% growth in manufacturing and 13.3% growth in construction are impressive numbers. This has the potential to push the FY24 GDP growth rate to above 6.8%, significantly higher than the RBI’s projection of 6.5%. Second, the exit polls results indicate a high possibility of political stability after the General elections. The market will appreciate this. Since manufacturing and construction have done well, the bulls will focus on capital goods stocks like L&T and construction-related stocks. Cement stocks may attract renewed buying interest. Autos will continue to do well. Nifty is set to move to record highs."
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