Markets rise owing to robust domestic growth data

In Thursday afternoon session, broader Indian markets registered gains driven by positive market sentiment due to better-than-anticipated domestic growth data. Further, the rise in Asian equities led to a positive trend as concerns over further rate hikes by the US Federal Reserve diminished.

On the sectoral front, Nifty IT and Pharma stocks are driving the rally. Nifty Bank and Financial Services indices are trading under pressure. All other sectoral indices are trading in a positive trend.

According to government data released on Wednesday, India’s economic growth expedited to 6.1% in the January-March quarter.

At around 1.00 PM, BSE Sensex was trading 26 points higher at 62,646. NSE Nifty is trading higher by 14 points at 18,549.

Apollo Hospitals (+4.06%) topped the gainers’ chart on NSE. Divis Lab (+2.94%) is trading 3% higher. Bajaj Auto (+1.81%), Hero Moto Corp (+1.61%), and Eicher Motors (+1.43%) are trading with gains of over 1.5%.

Coal India (-4.83%) is trading as the top laggard on the nifty index today. This development came after the Indian Government proposed to sell a 3% stake in the company.

Kotak Bank (-3.79%) is trading 4% lower. Bharti Airtel (-2.87%) is down by 3%. SBI Life (-1.24%) and ITC (-1.07%) are trading on the downside.

A total of 30 stocks advanced on the nifty index, and 20 stocks declined.

For feedback and suggestions, write to us at editorial@iifl.com