Equity benchmarks the Sensex and the Nifty exhibited strong trends on March 1 after Q3 GDP data showed that the Indian economy grew 8.4 percent, supported by healthy growth in manufacturing and construction sectors, while gross value added or GVA grew in-line at 6.5 percent.
Analysts are bullish on market momentum, saying the GDP print, released a day earlier, could see FII fund inflows, helping the Nifty to reach new life-time highs.
The Sensex and Nifty surged 1.4 percent each to hit an all-time highs of 73,574 and 22,304, respectively. Broader markets also joined the party. Nifty Midcap 100 and Nifty Smallcap 100 indices were up 0.7 percent each. The fear gauge India VIX cooled off to 15, down 0.2 percent.
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"The Nifty can find support at 21,900 followed by 21,850 and 21,800. On the higher side, 22,100 can be an immediate resistance, followed by 22,150 and 22,200," said Deven Mehata, Research Analyst, Choice Broking.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services believes that the impressive GDP numbers will provide fundamental support to the bull market. "RIL, Bharti Airtel, L&T and ICICI Bank have the potential to lead the rally. The broad trend of the market, going forward, will be the outperformance of large caps over the broader market," he added.
Barring Nifty Media and Healthcare indices, all other sectors traded in a positive territory. Nifty Metal and Nifty Auto indices were the top performers - gaining 1 percent each.
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Global markets on an uptrend; US inflation print in-line with estimates
Globally, the US markets ended higher overnight, with Dow Jones and the S&P 500 indices gaining up to 0.5 percent, while tech-heavy NASDAQ Composite surged 0.9 percent to settle at record high.
The US inflation print was in-line with economists’ expectations in January, easing concerns that price pressures could be seeing a renewed uptick. Though US prices picked up in January, but the annual increase in inflation was the smallest in nearly three years, keeping a June interest rate cut from the Federal Reserve on the table.
Majority markets in Asia-Pacific also traded higher this morning, with Japan's Nikkei 225 index at record high, while Australia's S&P 200 index was 0.4 percent higher.
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