The NSE Nifty 50 index soared to a new record high of 20,238.45, marking a 0.52% increase, driven by faster-than-expected economic growth in the September quarter. The S&P BSE Sensex also rose by 0.44% to reach 67,286.16, affirming positive sentiments in the market.
India's robust 7.6% GDP growth, surpassing both economist predictions and the Reserve Bank of India's estimates, fueled optimism, particularly in the manufacturing sector. Analysts anticipate sustained positive growth for India, buoyed by government capex initiatives, while the expected peak in the US interest rate cycle draws foreign investments toward emerging equities like India.
In November, Nifty and Sensex posted their best monthly performance in 2023, supported by renewed foreign portfolio investor (FPI) inflows totaling INR 90 billion ($1.1 billion).