Mr. Mitul Shah - Head of Research at Reliance Securities.
Indian markets closed off the session highs but mildly in the green. Nifty ended 0.3% higher. Broader markets continued to outperform with the Nifty Midcap and Nifty Smallcap up 0.5% each. Nifty Realty (+1.4%), Nifty Metal (+1.2%), Nifty Auto (+0.9%) and Nifty PSU Bank (+1%) were among the major sectoral gainers. Nifty Oil & Gas (-0.7%) and Nifty IT (-0.4%) were the laggards.
US stocks advanced on Thursday after the U.S. House passed a debt ceiling bill in a crucial step to avoid a default, with the measure moving to the Senate. The Dow Jones ended 0.5% higher, the S&P 500 gained 1% while the Nasdaq rallied 1.3%. The debt ceiling bill was passed by the Senate post the market close.
India's GDP growth accelerated in 4QFY23 to 6.1% YoY beating estimates of 5.1%. The full year FY23 GDP growth also beat estimates coming in at 7.2% (vs est 7.0%). The government also met the fiscal deficit target (6.4% of GDP) in FY23 aided by buoyant tax receipts and some fiscal headroom from lower payments. The growth in eight core infrastructure industries moderated to 3.5% YoY in April after hitting a five-month low of 3.6% YoY in March due to a decline in the output of crude oil, natural gas, refinery products and electricity. The RBI monetary policy is due next week. The monsoon is also expected to arrive in Kerala over the weekend.