Sensex soars over 120 point in early trade, Nifty tops 13,000: Recovering GDP data credited

Equity benchmark Sensex jumped up 120 points in opening trade on Tuesday, as GDP data turned out to be better than initially gauged, which in turn strengthened market sentiment amid unabated foreign capital inflows.

The 30-share BSE index was trading 126.62 points or 0.29 % further up on the scale at 44,276.34. Similarly, the broader NSE Nifty rose 32.45 points or 0.25 % to 13,001.40. UltraTech Cement was the top gainer in the Sensex pack, gaining about 2.5 %, followed by Infosys, Sun Pharma, Bajaj Auto PowerGrid, ICICI Bank and IndusInd Bank. SAIL, Maruti, Tata Motors, Future Consumer, NLC India, Kalpataru Power are the chief stocks in focus today. Burger King India is set to open its maiden IPO tomorrow, which shall also be under close observation and scrutiny.

The Indian rupee opened 10 paise higher at 73.95 per dollar on Tuesday against Friday’s close of 74.05, amid buying seen in the domestic equity market. Gold prices paced up in Indian markets on December 1 on higher international spot prices. On the Multi-Commodity Exchange (MCX), February gold contracts were pegged at higher prices by 0.36 percent at Rs 48,090 per 10 gram as of 9:20 am.

India’s economy rebounded faster than expected in the September quarter as a jump in manufacturing helped GDP register a lower contraction of 7.5 %, official data showed on Friday. Meanwhile, the output of eight core infrastructure sectors sped down by 2.5 % in October, mainly due to a drop in production of crude oil, natural gas, refinery products and steel. Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 7,712.98 crore on a net basis on Friday, according to provisional exchange data.

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments said, “The level of 13,050 is resistance for the Nifty. We need to keep above this level to continue the upward journey. If we can get past 13,050, we should achieve 13,200. Support is at 12,800 and till this level holds, we can continue buying on dips for higher targets”.

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