On the eve of India Prime minister Narendra Modi government's 100 days, institutional buying took the sense to a new peak and closer to the 27,000-mark, and Nifty for the first time ever, closed above the 8,000 peak-level. The day's strong rally came on the back of a stronger than expected GDP growth for the first quarter of fiscal 2015. This added Rs 1.26 lakh crore to investors' wealth with the BSE's market capitalization now at an all-time high of Rs 94.1 lakh crore.With across the board buying, sense closed 229 points higher at 26,868, while Nifty closed 73 points up at 8,028 as foreign investors net-pumped in over Rs 554 crore into Indian stocks.In months of April-June quarter the Indian economy, which had clocked the decade's low of 4.7% growth in fiscal 2014, jumped to 5.7% rate as non-agricultural GDP expanded at 6% on an annual basis — the highest in over two years. This was one of the main reasons for the day's rally, market players said. After remaining range-bound for over two plus years, the sense and the Nifty have gained about 45% in the last one year. "Markets are up not because performance of corporate India has changed dramatically but because the people who have money and have invested in India are bullish on the man who now leads India," said Arun Kejriwal, director, KRIS, an investment advisory firm. Since the new government took charge in Delhi, FIIs have net-pumped nearly Rs 94,000 crore (about $15.7 billion) into the Indian market, about two-thirds of which was in debt and the balance in equity. "It is more than a coincidence that in the very first quarter of his coming to power, India's GDP is the best in the last nine quarters," Kejriwal said. "Based on Q1FY15 GDP growth at 5.7%, we are now revising our FY15 (full year) forecast to 5.78%. Non-agricultural GDP expanded at 6%, the highest since Q4 FY12. Our optimism is based on a stronger manufacturing growth, led by a modest investment revival propelled by an earlier than anticipated jump in discretionary consumer spending," Soumya Kanti Ghosh, chief economic adviser, SBI wrote in the note.

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