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Indian Stocks Gather Steam With Eyes Now On Assembly Polls Outcome

04:55 PM Nov 29, 2023 IST | NEWS Desk
indian stocks gather steam with eyes now on assembly polls outcome
Indian Stocks Gather Steam With Eyes Now On Assembly Polls Outcome

New Delhi [India]: Indian stock indices gathered steam on Wednesday supported by a substantial jump in all sectoral indices, after remaining relatively steady during the preceding sessions.

Sensex and Nifty closed 727 points and 207 points and over 1 per cent higher each from Tuesday’s closing. Nifty Bank, Nifty Auto, Nifty Financial Services, Nifty IT, Nifty PSU Bank, and Nifty Private Bank were some of the top movers.
Nifty meanwhile breached 20,000 mark.

‘Looking ahead investors will closely monitor the outcome of the forthcoming exit poll, the OPEC+ meeting, and India’s GDP data to assess the short-term trajectory,’ said Vinod Nair, Head of Research at Geojit Financial Services.

In a much-anticipated debut, IREDA, a leading non-banking financial institution (NBFI) dedicated to financing renewable energy projects, made its mark on the stock markets today.

It listed at Rs 50 per share, a premium of 56 per cent over its IPO price of Rs 32.
‘The listing was above the market expectations, reflecting the strong fundamentals and growth potential of the company,’ said Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.

‘IREDA’s strong financial performance and focus on the burgeoning renewable energy sector make it an attractive investment proposition. The renewable energy sector is poised for significant growth in the coming years, driven by government initiatives and increasing environmental concerns,’ Nyati said.

‘Investors who participated in the IREDA IPO can be pleased with the strong listing gains. The company’s long-term prospects also appear promising, making it a worthwhile investment for those with a long-term investment horizon,’ Nyati added.

Santosh Meena, Head of Research, Swastika Investmart Ltd said some volatility in stocks is expected leading up to the state election results on December 3. ‘However, any weakness caused by this could present a compelling buying opportunity. The market appears primed for a pre-election rally, and we can anticipate the Nifty soon surpassing 21,000. 19,500 will now serve as a support level.’

The exit polls due on Thursday are likely to give indications of the Assembly election outcomes and its impact on the crucial General election in 2024.

Over the past month, the Indian stock indices have risen about 4-5 per cent on a cumulative basis. Investors widely track elections, be it Assembly or General, to gauge possible future political developments.

On the domestic front, investors now also await the second-quarter GDP data, due on Thursday and the S&P Global Manufacturing PMI later on Friday.
India’s GDP growth for the June quarter came at 7.8 per cent.

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