The main stock market indexes, Sensex and Nifty, rose early on Monday as India's economy expanded faster than expected, growing by 7.8 pc in the April-June period, which is the quickest growth in five quarters.
The 30-share BSE Sensex went up by 343.46 points to reach 80,153.11 in the early trading session. The NSE Nifty index, which includes 50 shares, increased by 105.8 points to reach 24,532.65. From the Sensex companies, Infosys, Tech Mahindra, Tata Consultancy Services, Power Grid, HCL Tech, and NTPC were some of the top performers.
However, Hindustan Unilever, Reliance Industries, ITC, and Sun Pharma were among the companies that performed poorly. India's economy grew faster than expected, rising by 7.8 per cent in the April-June period, which was the fastest growth in five quarters. However, this growth now faces uncertainty as US President Donald Trump has imposed tariffs, which could affect important export sectors like textiles.
India's Q1 GDP growth was 7.8pc, which is much better than what people expected. The suggested changes to the GST could help the economy grow faster in the next few months. "Along with the large amount of money flowing into mutual funds, this will keep supporting the market," said VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited.
Vijayakumar stated that global geopolitics is changing quickly because of Trump's outbursts. When China, India, and Russia come together, it can greatly change how power is balanced around the world and affect global trade in big ways.
Also Read: Reliance, HDFC biggest laggards in mcap erosion of ₹2.24 lakh-cr
He also said that this will affect the stock market as well. In Asian markets, the Shanghai Composite index and the Hong Kong Hang Seng index went up, but the South Korea Kospi and Japan Nikkei 225 index went down. The US markets ended lower on Friday. Vijayakumar said that the US court decision declaring Trump's tariffs as illegal is a major turning point.
The global oil price, known as Brent crude, fell by 0.41 pc and is now at $67.20 per barrel. According to data from the exchange, foreign institutional investors sold shares worth Rs 8,312.66 crore on Friday.
Meanwhile, domestic institutional investors purchased stocks worth Rs 11,487.64 crore. On Friday, the Sensex fell by 270.92 points, which is 0.34 per cent, and ended at 79,809.65. The Nifty fell by 74.05 points, which is 0.30 per cent, to reach 24,426.85.
Also Read: GST Council meeting, macro data to drive stock markets this week
Follow us
