Market At Record Highs; GDP Growth; Tata Steel And Other Top Cues To Sway The Market Today

Indian share markets continued to surge in the previous session and touched record highs amid gains in international markets and continuous foreign fund inflows.

At the closing bell last week, the BSE Sensex closed higher by 184 points and the NSE Nifty finished higher by 54 points. The S&P BSE Mid Cap finished up by 0.7% while S&P BSE Small Cap finished up by 1%. Gains were largely seen in FMCG sector, realty sector and consumer durables' sector.

GDP Growth May Slow Down

The country's gross domestic product (GDP) is estimated to grow at 6.5%during 2017-18 - a four year low. Data released Friday by the Central Statistics Office (CSO) showed growth was lower than the 7.1% GDP growth in the previous financial year on account of slowdown in the agricultural and manufacturing output.

The advance estimate for Gross Value Added (GVA), the more closely watched indicator for growth, is estimated at 6.1% for 2017-18, down from 6.6%in the previous financial year.

T.C.A. Anant, chief statistician of India, said the lower-than-anticipated nominal GDP growth will lead to "marginal slippage" in the fiscal deficit target for 2017-18-from 3.24% of GDP estimated in the budget to 3.29%-assuming the government borrows what it budgeted for the year.

The lower growth will raise pressure on finance minister Arun Jaitley ahead of the February 1 budget to take steps to strengthen recovery even as he allocates more funds for key stakeholders ahead of elections next year.

Top Stocks to Watch Out

Exide Industries share price is expected to see some momentum today after the company launched premium car batteries under the sub-brand 'Epiq'. The battery comes with a six-year warranty and targets the high-end automotive segment. It will be available in full range for cars and SUVs.

As per a leading financial daily, Adani Power, JSW Energy and Tata Power have submitted bids to acquire a majority stake in GMR Infrastructures 1,370-mw power plant in Chhattisgarh. Adani Power share price closed 5% up in previous session.

1 2 3 4
View single page >> |


Disclaimer: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment ...

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.