Markets scale new high, NIFTY50 above 22,300, SENSEX gains over 1000 points

Markets scaled to a new high today, with benchmark NIFTY50 and SENSEX climbing 1.4% by midday trading. This surge follows after yesterday’s better-than-expected Q3FY24 GDP data, which stood at 8.4%, the strongest growth since Q2 2022.

The market rally is predominantly driven by metal stocks, with TATA Steel (+4.4%), JSW Steel (+4.1%), and Hindalco (+3.2%) among the top gainers. Major private banks like ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, and Axis Bank also trade higher, ranging from 1.6% to 2.4%.

Auto stocks remain in focus as monthly sales numbers are anticipated from major manufacturers. TATA Motors, M&M, Maruti, and Bajaj-Auto are trading up 1.8% to 2.6%. The NIFTY Auto index has surged by 1.3% today due to significant developments in this sector.

In broader indices, midcap and small-cap indices have both gained half a percentage point. However, the midcap 100 and small-cap 100 have corrected by 4% and 6%, respectively, from their recent highs. Increased volatility in these indices is noted as market regulators heighten vigilance in mutual funds regarding risk disclosure measures.