Nifty 50 hits all-time high led by banks, metals, auto stocks; small, midcaps support rally

livemint.com:

BSE’s 30-share index Sensex was trading more than 300 points higher at 67,293, and was away over 600 points from its all-time high of 67,927.23 hit on September 15. Also Read: Day trading guide for stock market today: Six stocks to buy or sell on Friday — 1st December Stocks leading gains in Nifty 50 included Larsen & Toubro, NTPC, Asian Paints, ONGC and PowerGrid Corporation of India. In the past one month, the Nifty 50 index has jumped over 6.5%, while it is up more than 11.7% year-to-date (YTD).

(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Markets were supported led by optimism over better than estimated India’s gross domestic product (GDP) growth for the September quarter along with inflows of foreign capital. India’s GDP growth for the July-September quarter of FY24 stood at 7.6% as compared to 6.2%, YoY, with the economy retaining its spot as the world’s fastest-growing major economy. Read here: India remains fastest-growing major economy, Q2 GDP growth beats RBI estimates: 5 key takeaways Meanwhile, foreign institutional investors (FIIs) on Thursday net bought stocks of Indian companies worth ₹8,147.85 crore, according to BSE data.

“With robust GDP data and FII buying, Indian markets are poised to reach new highs. Traders should maintain a long position with a trailing stop loss at the solid support level of 20,050," said Deven Mehata, Research Analyst, Choice Broking. According to the technical charts, support for Nifty 50 is placed at 20,100, followed by 20,050 and 20,000.