11 October, New Delhi: Head of Retail Research at Motilal Oswal Financial Services, Siddhartha Khemka, said that market sentiment was buoyed after the International Monetary Fund (IMF) raised India’s FY24 GDP growth forecast to 6.3% from 6.1% and strong quarterly business updates coming from several corporations.
Nifty closed the day up 0.62 percent, or 121.5 points, at 19,811.35, while Sensex finished the day up 0.60 percent, or 394 points, at 66,473.05, on Wednesday.
Autos, fast-moving consumer goods, and real estate were the best performers, while PSU banks and IT companies ended in the negative.
With good global indications, falling US bond rates, and a solid domestic economy, we anticipate the market’s upward trend to continue in the near future. We anticipate a lot of stock-specific movement and sector rotation in the market as Q2 data begins to trickle in,” Khemka added.
Information technology will be in the spotlight this week as TCS releases its Q2FY24 post-market results on Wednesday and Infosys and HCL Tech do the same on Thursday.
Investors will closely monitor the US core PPI data and the minutes from the Federal Open Market Committee meeting, both of which are due out late on Wednesday. According to Khemka, Thursday will also see the publication of important economic statistics from the United Kingdom, India, and the United States.
According to Vinod Nair, head of research at Geojit Financial Services, investors are confident that the conflict in the Middle East will be limited locally and will not have an effect on oil prices. The yield on US 10-year bonds fell on trading on dovish remarks from the US Federal Reserve.