Market momentum pushes Sensex above 67K

The market momentum which pushed the Nifty up by 6 per cent in November is likely to be sustained since the incoming data and news are positive, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The Q2 FY24 GDP growth rate at 7.6 per cent has surpassed expectations. Particularly, the 13.9 per cent growth in manufacturing and 13.3 per cent growth in construction are impressive numbers. This has the potential to push the FY24 GDP growth rate to above 6.8 per cent, significantly higher than the RBI’s projection of 6.5 per cent, he said.

The exit polls results indicate a high possibility of political stability after the General elections. The market will appreciate this.

Since manufacturing and construction have done well, the bulls will focus on capital goods stocks like L&T and construction-related stocks. Cement stocks may attract renewed buying interest. Autos will continue to do well. Nifty is set to move to record highs, he said.

BSE Sensex scaled the 67,000 points mark on Friday with a jump of 457 points trading at 67,446 points. NTPC is up more than 4 per cent.