Equity markets soared on Tuesday as the 50-share NSE Nifty crossed the 17,000 mark for the first time. The index closed at 17,132.20, gaining 201.15 points.
The 30-share BSE Sensex also rose more than 1% to finish at a record closing high of 57,552.39. During Tuesday’s intra-day trading, Sensex hit an all-time high of 57,625.26.
The Nifty’s rise from the 16,000-mark to 17,000 marked the fastest 1,000-point climb as the index achieved the feat in 19 trading sessions, PTI reported. Meanwhile, the National Statistical Office will release the Gross Domestic Product numbers for the first quarter (April-June) later in the evening.
“Investors will be looking ahead to the GDP numbers released by the National Statistical Office [NSO],” said Gaurav Garg, head of Research at CapitalVia Global Research. “Traders will be getting some encouragement as exports from special economics zones grew during the April-June quarter. Some support will come with a private report that economic growth to be in the range of 14% to 23%.”
Experts also noted that the current bullish market – that is when the market is on a rise – has been stable without any major correction, reported The Financial Express.
“The flip side of this bull market is excessive valuation, which exposes the market to an unexpected correction,” Chief Economist Strategist at Geojit Financial Services VK Vijaykumar said. “This market has proved skeptics wrong, till now.”
Bharti Airtel, Bajaj Finserv, Bajaj Finance, Asian Paints and Titan were among the top gainers in Tuesday’s trading. Reliance Industries, IndusInd Bank and Nestle India lost the most.