Good GDP numbers to boost stock markets: Experts

Tuesday, November 30, 2010
Print Print Email Email
New Delhi: Indian economy growth reflected in impressive GDP data is a welcome relief for the stock market and will help in the recovery on the Dalal Street which is facing hard times on the back of string of negative global and domestic cues, say analysts. The Indian economy grew by 8.9 percent in the second quarter of the current fiscal, up from 8.7 percent in the corresponding period a year ago. This according to marketmen should boost the stock market which is reeling under pressure due to the ongoing 2G spectrum row and loan bribery scam. The consensus estimate was for a GDP growth of 8.2-8.3 percent in the second quarter of the fiscal with the broad range of 8-8.5 percent. "The economy grew at a faster pace than anticipated in the second quarter of the current fiscal year, prompting a recovery in the stock market and lifting hopes of meeting the Government's annual target of 8.75 per cent," IIFL Head of Research Amar Ambani said. The Bombay Stock Exchange benchmark Sensex which had lost over 187 points intra-day, rebounded with a gain of about 104 points to trade at 19,508.76, soon after the GDP numbers were announced. Analysts feel that the smart data reflect the strong India growth story and that the market will see a comeback. "Market would definitely see a handsome recovery as the investor confidence would bounce back specially after the better-than expected GDP numbers highlighting the smart pace of growth in the country's economy," CNI Research CMD Kishore P Ostwal said. Crisis in the global peers and scams back home has seen the Sensex turning highly volatile and plummeting 7.6 percent since November 5.
Source: PTI
Looking For Loan? Let us Help you !!!
Loan Amount
Annual Income
Preferred banks
Type the characters you see in the picture
90% of developing economies
Ninety per cent of developing economies, including India are falling behind or are at risk of fall..
Bharti Airtel board approves
Telecom major Bharti Airtel on Thursday said its board of directors has approved fund raising ..
Banks need to raise own capital
Public Sector Banks (PSBs) may raise capital themselves to meet regulatory and growth ..
Brookfield to buy RIL E-W Pipeline
Canadian investor Brookfield has acquired the loss-making East-West Pipeline Ltd from Mukesh Amba..