Indian Markets Rally on Investor Optimism

Indian stock markets opened higher, continuing their December gains despite ignoring GDP numbers. Oil and Energy stocks rallied due to scrapped taxes, anticipating the February budget. Most Asian markets followed the upward trend, while US tech outperformed. Experts predict potential market rallies if certain technical levels are surpassed.


Devdiscourse News Desk | Updated: 03-12-2024 09:48 IST | Created: 03-12-2024 09:48 IST
Indian Markets Rally on Investor Optimism
BSE Building (File Photo/ANI). Image Credit: ANI
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In a positive start to December, Indian markets maintained their upward momentum as both key indices opened higher on Tuesday. The Nifty 50 index commenced trading at 24,367.50 points, rising 91.45 points or 0.38%, while the BSE Sensex stood at 80,529.20 points, gaining 281.12 points or 0.35% from the previous close.

Market analysts observed that investors have largely discounted the GDP figures and are focusing on bullish signs. Expert Ajay Bagga noted that the removal of the windfall tax on oil and fuel exports has boosted the outlook for oil and energy stocks. He described the market sentiment as optimistic, with expectations of a rally intensifying ahead of the upcoming budget in February.

Internationally, US markets reached new highs, predominantly led by the technology sector, with Asian counterparts showing gains as well, barring China and Hong Kong's Hang Seng index. In India, most sectoral indices, except for NIFTY FMCG, saw gains. Of the Nifty 50 stocks, 41 opened with advances, highlighting Shriram Finance among the top performers.

(With inputs from agencies.)

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