GIFT Nifty Indicates Positive Opening; India's Q1 FY25 GDP Growth Slows to 6.7%

BANGALORE, India - Sept. 2, 2024 - PRLog -- Global Stock Markets: Dow 30, +0.6%; S&P 500, +1%; NASDAQ, +1.1%; Nikkei, +0.2%; Kospi, +0.1%; Shanghai, -0.5%.

During the previous week, Nifty closed higher in all five trading sessions. In the last three trading sessions, the index scaled new all-time highs. On Friday, it gapped higher and traded in a narrow range of less than 70 points. It closed at a record level after hitting a new all-time high of 25,268. The broader market indices, Nifty Midcap (+1.25%) and Smallcap (+1.19%), also scaled new highs.

Barring Nifty FMCG (-0.55%) and PSU Bank (-0.45%), all the sectoral indices closed higher. Nifty IT (+4.13%) emerged as the top gainer, followed by Nifty Pharma (+3.06%).

We upgraded the market status to a Confirmed Uptrend after Nifty crossed its previous high (23,339) and made an all-time high. In the last few sessions, the index has reclaimed its 21-DMA after breaching the moving average earlier this month. The distribution day count is at one. We may downgrade the status to an Uptrend Under Pressure if the distribution day count increases and Nifty breaches its key support level

Key News:

Gpt Infraprojects was declared as the lowest bidder for a project worth Rs 204 crore from South East Railways Kolkata.

Emami acquires the remaining 49.6% stake in Helios Lifestyle. Helios Life owns the premium men's grooming brand 'The Man Company'.

Government reduces Special Additional Excise Duty (SAED) on petroleum crude to Rs 1,850/tonne from Rs 2,100/tonne effective from August 31. The same will be Nil on exports of petrol, diesel, and ATF.

India's GDP growth slows to 15-month low of 6.7% in Q1 FY25. RBI forecasted India's GDP growth in Q1 FY25 at 7.1%. The slowdown in growth was on account of slack in the agriculture sector.

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