Benchmark indices rose on Friday and gaining for a third straight week after much weaker-than-expected economic growth data raised hopes the central bank would cut interest rates at its next policy meeting in October.
India’s gross domestic product (GDP) growth slid to a three-year low of 5.7% in the quarter ended June, a marked slowdown from a 6.1% growth in the previous quarter.
However, India’s factory activity unexpectedly expanded in August, snapping back from a contraction the previous month, as disruptions stemming from confusion over GST eased.
Broader markets outperformed the benchmark indices with BSE Midcap and BSE Smallcap up 0.9% and 0.8% respectively.
Shares of Gravita India touched 52-week high of Rs 134.65, rising 11% intraday on the back of strong Q1 numbers.
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The Indian market ended the truncated week on a sombre note, posting mild gains on both indices. Strong movements by Infosys and pharmaceutical stocks helped the Street, but selling in HDFC group stocks, FMCG stocks capped upside.
The 30-share BSE Sensex was up 28.05 points at 31,596.06 and the 50-share NSE Nifty gained 4.55 points at 9,857.05.
The market was closed on Friday on account of Ganesh Chaturthi.
The broader markets outperformed benchmark indices as the BSE Midcap index gained 0.8 percent and Smallcap was up 0.4 percent on positive breadth. About five shares advanced for every four shares falling on the BSE.
However, among these times, there were over 70 stocks which had a good day and clocked fresh 52-week high milestones. Bajaj Finserv, Bajaj Holding, Chennai Petro, Deepak Fertilisers, Avenue Supermarts, Indiabulls Housing Finance, IndusInd Bank, JSW Steel, and Tata Steel, among others, were in that list of gainers.
Meanwhile, there were 28 stocks that also hit fresh all-time highs, thereby increasing investor wealth. Bajaj Finserv, Deepak Fertilisers, Avenue Supermarts, IndusInd Bank and Heritage Foods, among others were a part of this list.
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