1146: Marketbuzz Podcast with Ekta Batra: Sensex, Nifty 50 Sensex and Nifty 50, to open on a positive note amid mixed global cues

In a significant turn of events, the Nifty index marked a milestone by closing above the 20,100 level, reflecting positive sentiments in the Indian stock market. However, the Nifty Bank witnessed a halt in its four-day gaining streak, while midcap stocks continued their remarkable rally, reaching record highs for the 20th consecutive session.

The financial inflow landscape saw substantial foreign institutional investment (FII), with a net purchase of a hefty ₹8,147 crores. On the other side, the domestic institutional investors (DII) recorded a net sale of approximately ₹780 crores. It's worth noting that these flow dynamics may have been influenced by the MSCI rebalancing, which took effect yesterday.

Turning the focus to domestic factors, the macroeconomic indicators have been highly supportive. The recently released Q2 FY 524 GDP data surpassed expectations, standing at an impressive 7.6% compared to the estimated 7.03%. This growth rate represents a significant increase from the previous year, with the GDP now standing at 7.6%, up from 6.2% on a year-on-year basis.

Additionally, the core sector data exhibited strength, recording a month-on-month growth of 12.1%, outpacing the earlier figure of 9.2%. The fiscal deficit for October showed a decline on a year-to-year basis, adding another positive dimension to the overall economic outlook.

On the global front, the United States markets ended on a positive note, with the Dow reaching a new high for the year. Meanwhile, oil prices remained stable around $82 per barrel, and Asian markets exhibited mixed trends. The Gift Nifty's positive indication points towards a promising start for the upcoming trading sessions.

Looking ahead, market participants eagerly await the results of exit polls conducted yesterday, with election results expected on Sunday. These outcomes are likely to drive a more definitive market reaction come Monday. Additionally, high-frequency indicators, such as auto sales for November, will provide insights into the real-world implications of the GDP data, particularly in the manufacturing sector.

Investors are advised to keep a close eye on the global manufacturing PMI for India, which is set to be released today, along with developments in the banking sector and business momentum. Notably, Flare Writing's upcoming listing is anticipated, considering the strong subscription rate of 46.68 times during its IPO.