<p>According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the far better-than-expected Q3 GDP figures, which came in at 8.4% year over year, were the main driver of the Nifty’s big 350-point rise on Friday.</p>
<p><img decoding=”async” class=”alignnone wp-image-472551″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/Mutual-fund-ist-750×500.jpg” alt=”” width=”979″ height=”654″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/03/Mutual-fund-ist-750×500.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/03/Mutual-fund-ist-1024×683.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2024/03/Mutual-fund-ist-768×512.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2024/03/Mutual-fund-ist.jpg 1200w” sizes=”(max-width: 979px) 100vw, 979px” /></p>
<p>This scorching statistic, which indicates robust economic momentum, prompted short covering, which in turn caused the Nifty to spike up 350 points. Even while the GDP figures are impressive, it’s critical to recognize that there is a statistical abnormality. In Q3, the GVA is a mere 6.5%. The significant disparity may be attributed to the 32% increase in indirect taxes. It’s also critical to keep in mind that the consumption figures are low. In short, he said that although there is cause for confidence, there is also no justification for unchecked bullishness.</p>
<p>The guidance issued by SEBI to mutual funds about the inflated prices of mid- and small-cap schemes is probably going to limit the overall market’s performance. He said, “There is no fundamental justification for the irrational exuberance in the broader segment.”</p>
<p>The BSE Sensex is down 13.54 points, trading at 73,792.61 points. Powergrid is up 2% while NTPC is up 3% in trade.</p>
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