Taking Stock: Fresh record high for Nifty, Sensex up 493 pts; auto stocks under pressure

India's Gross Domestic Product (GDP) growth rate came in at 7.6 percent for July-September, beating all estimates, data released by the Ministry of Statistics and Programme Implementation on November 30 showed.

The Reserve Bank of India (RBI) had forecast a growth rate of 6.5 percent. The Indian economy had expanded by 7.8 percent in April-June and 6.2 percent in July-September 2022.

India's eight core sectors posted a growth of 12.1 percent in October, according to data released by the Ministry of Commerce and Industry on November 30.

Meanwhile, the central government's fiscal deficit widened to Rs 8.04 lakh crore in April-October from Rs 7.02 lakh crore in April-September.

Also Read: Morgan Stanley, Citi, Goldman Sachs raise FY24 GDP forecasts but risks remain

Stocks and Sectors

The biggest gainers on the Nifty included NTPC, ITC, L&T, Britannia Industries and Axis Bank, while losers were Hero MotoCorp, HDFC Life, Wipro, M&M and SBI Life Insurance.

Except Auto, all other sectoral indices ended in the green with Capital Goods, FMCG, Metal, Power and Realty up 1-1.5 percent each.

BSE Midcap index added 1 percent, while smallcap index was up 0.5 percent.

A long build-up was seen in PFC, REC and Dixon Technologies, while a short build-up was seen in Ashok Leyland, Tata Communications and Multi Commodity Exchange of India.

Power Finance, Tanfac Industries, Dixon Technologies, Shalimar Paints, Amara Raja, Datamatics Global, REC, Oriental Hotels, Aster DM Health, Arvind Smart, Prism Johnson, Poly Medicure, Macrotech Developers, Rolex Rings, NHPC, MOIL, Birla Corp and HBL Power, among the stock that touched their 52-week high on the BSE. Click here for the full list

Also Read - India's manufacturing PMI rises to 56.0 in November

Outlook for December 4

Prashanth Tapse, Senior VP (Research), Mehta Equities

Frenzied buying on the back of renewed optimism from the FIIs and positive European market cues lifted benchmark Nifty to a fresh record high. India remains a bright spot in an uncertain global economy as the recent data indicators such as strong GDP and manufacturing numbers along with external factors like falling US bond yields are keeping markets in good stead.

The good news is that the short-term technical outlook for Nifty continues to be in favor of the bulls, with support seen at 20089-19909 and resistance at 20500-20751.

Ajit Mishra, SVP - Technical Research, Religare Broking:

Markets edged higher for yet another session and gained over half a percent. Among the benchmark indices, Nifty made a new record high at 20,291.55 and finally settled at 20,267.90 levels. Most sectors contributed to the move wherein FMCG, realty and metal were among the top gainers. The broader indices too continued their positive trend and settled higher in the range of 0.50%-1.05%.

The rotational buying across the key sectors is helping the index to inch higher and we are now eyeing 20,500 in Nifty ahead. Apart from the domestic factors, upbeat global cues, especially the performance of the US markets, are further adding to the positivity. We thus recommend continuing with a “buy on dips” approach with a focus on stock selection.

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