Mumbai: NSE Nifty breached the 8,000-mark for the first time ever and BSE Sensex logged a new peak on the back of positive economic growth data for the April-June quarter.
The Nifty breached 8,000-mark for first time to close at record close of 8,027.70 while the BSE Sensex ended 229.44 points higher at new record high of 26,867.55. The economy grew at its fastest pace in more than 2 years in June quarter. The GDP grew at 5.7%, data released on Friday showed.
Among sectoral indices, the BSE Capital Goods (1.96%), BSE Consumer Durables (1.84%) and BSE Metal (1.34%) were trading in the green. Among individual stocks, L&T (2.62%), Hero Motocorp (2.57%) and GAIL (2.30%) were among the major gainers. Among other Asian markets, Hong Kong’s Hang Seng shed 0.15 per cent, while Japan’s Nikkei gained 0.19 per cent in early trade today.
Mr. Vivek Gupta – Director Research, CapitalVia Global Research Limited said that finally Nifty has crossed the level of 8000 today for which the markets were waiting for since long. It’s always best to go with the trend in the markets because if something you have to believe on or you got to stay with is the current trend of the market. If everyone thought that the market just had an election rally and it would not sustain and those who are still skeptical on current rise of the markets may have to change their way of thinking before it’s too late.
During a bull market, even any big bad news doesn’t have any major impact on the markets.Investors those holding positions in market should hold their positions. In monthly charts Spot Nifty had a breakout from an ascending triangle when it crossed the levels of 6357.10 which as per technical rules have minimum targets of 8180 and the rise can continue. Investors should try to take maximum from these bull markets and trail their positions. Capital Good stocks like Bhel and steel sector big giant SAIL still may have lot to offer to investors. Investors should keep investing and better be stock specific in their selections and focus on stocks and sectors which have not caught up to the rally till now. Any correction right now should not be anticipated as end of the market rally, rather it should be anticipated as an opportunity to invest.
Sanjay Trivedi is honorary editor of Asia Times. He is senior Indian Journalist having vast experience of 25 years. He worked in Janmabhoomi, Vyapar, Divya Bhaskar etc. newspapers and TV9 Channel as well as www.news4education.com. He is serving as Media Officer in Gujarat Technological University, the university which controlling 440 colleges of Engineering, Management, Pharmacy & Architecture colleges in Gujarat.