48 Nifty 50 stocks closed last week in green, 20 reach new all-time highs
Also Read: Not whole mid, smallcap segment expensive; bullish on power sector, says Sandeep Bagla of TRUST Mutual Fund This robust rally is attributed to several factors, including strong economic growth, impressive corporate earnings, a decline in crude oil prices, and the increasing trend of retail investing along with Foreign Portfolio Investment (FPI) inflows. The recently released GDP numbers for India on Thursday revealed a significant expansion of 7.6% in the September quarter of the current fiscal year, surpassing the expectations of analysts.
This positive economic indicator has significantly boosted investor sentiment. Moreover, a recent report by S&P Global Ratings titled 'China Slows, India Grows' foresees India's GDP growth rate reaching 7% by 2026, outpacing China's projected growth of 4.6%.
The report anticipates a shift in the growth engine of the Asia-Pacific region from China to South and Southeast Asia, further contributing to the positive outlook in the Indian markets. 48 out of the 50 constituents of Nifty 50 ended the last week in green.
Axis Bank led the pack with an impressive rally of 9.5%, reaching ₹1,104 and achieving a record high of ₹1,109 Other notable gainers included Britannia Industries, BPCL, Adani Enterprises, Hero MotoCorp, NTPC, UltraTech Cement, Tata Motors, Mahindra & Mahindra, and Larsen & Toubro, all closing the week with gains ranging from 4.5% to 7%. Bharti Airtel shares, on the other hand, crossed the significant ₹1000 mark on November 29, and in Friday's session, the stock recorded a new all-time high of ₹1,022 apiece.
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