Indian markets zoomed on Monday morning, kicking off December by hitting new all-time highs. This came on the heels of government data released over the weekend, pointing to better-than-expected GDP growth of 8.2 per cent in the September quarter. However, given the great show, the jump seemed to have been tepid.
The BSE Sensex benchmark soared 452.35 points to 86,159.02, while the NSE Nifty climbed 122.85 points to hit a 26,325.80 high.
Among the Sensex stocks, Adani Ports, Bharat Electronics, Eternal, Tata Motors Passenger Vehicles, SBI and Kotak Mahindra Bank recorded the most gains. Despite positive momentum, ITC, Bajaj Finance, Titan and Tech Mahindra turned laggards.
As the markets closed in on the noon mark, most of the morning momentum fizzled off, with the Sensex and Nifty receding to almost flat levels, sometimes even going into red.
Many firms like Mahindra and Mahindra hit their 52-week high in the morning, trending in major brokerages. By noon, M&M stock was playing a touch-and-go game in the laggard territory.
The 8.2 per cent economic growth in the July-September quarter was the best in six quarters. Despite this, the markets have not been able to keep their morning highs.
Friday (November 28) saw the Sensex close 0.02 per cent lower at 85,706.67 and the Nifty down 0.05 per cent to settle at 26,202.95. This was closer to what December 1 noon levels looked like.
Foreign Institutional Investors (FIIs) offloaded Rs 3,795.72 crore worth of equities on Friday. However, Domestic Institutional Investors (DIIs) arrested the bleed for a bit by buying Rs 4,148.48 crore worth of stocks, exchange data revealed.
