Stock Market At Close Today: Nifty 50 hits record high; 5 key factors that drove the market
BSE Midcap index closed 0.96 per cent higher at 34,586.76 after hitting its fresh record high of 34631.35 during the day. The BSE Smallcap index ended with a gain of 0.48 per cent after hitting its record high of 40718.81 during the session. The overall market capitalisation (m-cap) of the firms listed on the BSE rose to nearly ₹337.5 lakh crore from nearly ₹335.6 lakh crore in the previous session, making investors richer by about ₹1.9 lakh crore in a single session.
Below are five key factors that could have boosted the market: India's Q2 GDP grew 7.6 per cent, significantly exceeding the expectations. A Mint poll of 18 economists had estimated the gross domestic product (GDP) growth to be about 6.8 per cent in the quarter. Apurva Sheth, Head of Market Perspectives & Research at SAMCO Securities observed that the sharp upside rise seen in India’s second-quarter GDP figure underlines the fact that the economic growth has come on the back of robust domestic demand.
"Growth based on domestic demand also points to the fact that India's economy will continue to grow in future despite the global economy slowing down. Hence, the Indian economy will also continue to attract foreign capital inflows and will carve out for itself a different category among its emerging market (EM) peers," said Sheth. Experts pointed out that the domestic market is witnessing a strong influx of retail investors which has supported the market.
BSE data shows the number of registered investors at BSE has crossed over 3 crore mark. The current market sentiment suggests an anticipation of a peak in interest rates in the US, potentially leading to rate cuts around May-June next year. This shift in expectations could be a contributing factor to the
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