The largely criticized PM has finally made a benchmark with optimism, as the Nifty has crossed 11,000 marks, signaling the bull market ahead. His strong policies and urge to nip the corruption in the bud and his constant endeavors to meet the international investors in bid to get more investment into the country, impetus for manufacturing sector, has acted as a big booster.
The analysts have further predicted that within weeks Nifty may climb to 12,000 points. The market has definitely gained a lot of momentum. It’s a moment of celebration.
Top Gainers on Nifty
Heavy weight stocks like Reliance Industries, Infosys and HDFC were trading high and pushing up the key indices. Axis bank was surged up by 2.06 percent, Infosys by 1.72 percent, Reliance Industries, NGC, Coal India and Tata Steel rose by 1.3 percent.
Top Losers on Nifty
The losers were Zee Entertainment, Eicher Motors, Asian Paints, Tata Motors, Bosch, Bharti Infratel, HDFC Bank, Bajaj Finance, to name a few.
Why Nifty is ruling ahead?
In 2017, the stringent policies like demonetization, implementation of GST, made traders skeptic about the Indian economy. But Narendra Modi’s constant efforts ended the woes. Here are some reasons that make us believe why NSE barometer Nifty plunged ahead for the first time ever on Tuesday while the BSE Sensex hit the psychological mark of 36,000.
The optimism further prevailed in the market after Narendra Modi in his interview clearly indicated that the upcoming budget will not be a populist one. He said that it is a myth that people want freebies and sops from the government.
The domestic sentiment was also lifted after the International Monetary Fund remained bullish on India’s growth potential and forecasted the GDP to grow by 7.4% in 2018 and 7.8% in 2019.
According to the brokers, the positive global sentiments, strong liquidity condition, foreign inflows and implementation of non populist measures in the budget has dragged the market to record high
Optimism in the Air
After being labeled as the 5th most attractive market for investment by Pwc and Nifty crossing 11,000 marks has made us believe in the optimism. While the domestic earning is in a recovery mood, investors need to be extra cautious in picking small cap and mid cap stocks as it would make a deep hole in their pockets.
The government has taken enough measures to boost manufacturing, infrastructure and skilling, but the new threats like cyber security and geo political uncertainty continue to plague the Indian economy. Will the government be able to tackle this? The time will tell.
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