Indian stock markets ended little higher on Wednesday after falling in red in the morning trade today. BSE Sensex inched up 83.2 points or 0.25% to settle at 33,561.55 whereas NSE Nifty added 15.4 points or 0.15% to finish at 10,342.3.
Indian stock markets ended little higher on Wednesday after falling in red in the morning trade today. BSE Sensex inched up 83.2 points or 0.25% to settle at 33,561.55 whereas NSE Nifty added 15.4 points or 0.15% to finish at 10,342.3. Shares of Adani Ports gained the most among the 30-share barometer Sensex. The stocks of heavyweight companies HDFC, ITC, HDFC Bank, State Bank of India, Maruti Suzuki contributed the most to the Sensex gains while a slump in ICICI Bank, Axis Bank, capped further upmove.
Shares of HDFC, SBI, Asian Paints, Maruti Suzuki, ITC advanced up to 1.53% while on the other hand Axis Bank, Bharti Airtel, Dr Reddy’s, Lupin lost up to 1.23%. Equity mutual funds registered an inflow of over Rs 16,000 crore in October, buoyed by strong participation from retail investors, latest data with industry body Amfi showed.
Global financial services major Goldman Sachs sees India’s GDP growth rate bouncing back to 7.6% in the current financial year itself, and to 8% in FY19, a significant jump from a three-year low GDP growth a quarter ago. Interestingly, Goldman Sachs also expects the 50-share Nifty to return up to 16% in the year. Andrew Tilton, chief Asia-Pacific economist for Goldman Sachs Group Inc says that India’s economy could prove to be stronger than expected as the shock from structural reforms such as demonetisation and introduction of GST begin to fade.
“The good thing about next year is we don’t think we’re going to get those shocks again,” Andrew Tilton of Goldman Sachs said in an interview to Bloomberg. Timothy Moe, chief Asia Pacific regional equity strategist at Goldman Sachs says that growth will be the chief driver for India. Goldman Sachs has retained its one-year Nifty target at 11,600.
Meanwhile, among the regional markets, Shanghai Composite Index rose 0.6% to 3,430.46 and Tokyo’s Nikkei 225 gained 0.5% to 22,523.15, Hong Kong’s Hang Seng index advanced 0.6% to 30,003.49 and Seoul’s Kospi rose 0.4% to 2,540.51. Foreign portfolio investors (FPIs) sold shares worth a net Rs 727.01 crore yesterday, as per provisional data. Domestic institutional investors (DIIs) bought equities worth a net Rs 825.50 crore.