December 1, New Delhi: V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, argues that given the favorable incoming data and news, the market momentum that drove the Nifty up 6% in November is expected to continue.
The Q2 GDP growth rate of 7.6% in FY24 has exceeded forecasts. The strong figures in manufacturing (13.9%) and construction (13.3%) stand out in particular. According to him, this might cause the FY24 GDP growth rate to rise over 6.8%, which would be far higher than the RBI’s forecast of 6.5%.
The findings of the exit polls point to a strong likelihood of political stability after the general elections. This will be well received by the market.
The bulls will concentrate on capital goods firms like L&T and construction-related equities since manufacturing and construction have performed well. Cement stocks can pique investors’ attention once again. Automobile sales will remain strong. He claimed that the Nifty was going to reach all-time highs.
On Friday, the BSE Sensex crossed the 67,000-point threshold, rising 457 points to close at 67,446 points. NTPC has increased by almost 4%.
