Nifty 50 set to open at new record high, buoyed by strong growth data
Nifty 50 today: Nifty 50 is set to open at a fresh record high on Friday as faster-than-expected economic growth in the September-quarter added to optimism over the global interest rate outlook.
![Nifty 50 set to open at new record high, buoyed by strong growth data](https://cdn.zeebiz.com/sites/default/files/2023/12/01/270927-untitled-design-2023-12-01t083829888.jpg?im=FitAndFill=(1200,900))
Nifty 50 today: Nifty 50 is set to open at a fresh record high on Friday as faster-than-expected economic growth in the September-quarter added to optimism over the global interest rate outlook.
GIFT Nifty futures was up 1.07 per cent at 20,349.50 as of 8:00 a.m. IST. The blue-chip Nifty 50 (.NSEI) index on Thursday settled at 20,133.15, capping off November with the most monthly gains since July 2022.
The Indian economy expanded 7.6 per cent in the September-quarter, faster than the 6.8 per cent forecast in a Reuters poll of economists and the Reserve Bank of India's estimate of 6.5 per cent, led by manufacturing growth.
"With the robust growth reported, we can expect healthy inflows in domestic markets, with Nifty being pushed to new highs," said Raghvendra Nath, managing director at Ladderup Wealth Management.
Meanwhile, Indian state exit polls showed a narrow advantage for India's Bharatiya Janata Party (BJP) in the key states of Rajasthan and Madhya Pradesh, while the Indian National Congress is seen to be leading in Chhattisgarh and Telangana.
"While exit polls are not definitive, a decisive BJP win will reinforce consensus that the party is on the front-foot for 2024 general elections and likely add another leg of rally to markets," said three analysts led by Madhavi Arora, lead economist at Emkay Global Financial Services.
Nifty and Sensex posted their best month in 2023 in November, aided by the return on foreign portfolio investor (FPI) inflows and a fall in U.S. Treasury yields on the easing rate outlook in the U.S., while domestic inflows continued to remain strong.
FPIs snapped a two-month selling streak in November, adding stocks worth 90.01 billion rupees ($1.08 billion).
Wall Street equity indexes rose overnight with the Dow Jones Industrial Average (.DJI) clocking its best month since October 2022, after consumer spending data signalled cooling demand, adding to the easing rate outlook. Asian markets opened lower.
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