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Sensex, Nifty hit record high on impressive GDP numbers

As per data released by the National Statistical Office (NSO) on Thursday, India’s real gross domestic product (GDP) expanded by 8.4% year-on-year in the October-December quarter.
Last Updated 01 March 2024, 23:01 IST

New Delhi: The Indian stock markets benchmark indices soared to a record high on Friday, buoyed by stronger than expected Q3 economic growth data and positive global cues, fuelled by easing inflationary pressure in the US.

The 30-stock benchmark Sensex of the Bombay Stock Exchange (BSE) surged 1245.05 points or 1.72% to hit a new record closing high of 73,745.35 points. The index hit an intra-day high of 73,819.21 points.

The wider Nifty 50 of the National Stock Exchange (NSE) rallied 355.95 points or 1.62% to 22,338.75 points, the highest ever.

"Better than expected Q3 FY24 GDP and ease in US inflation added buoyancy in both domestic and global markets," said Vinod Nair, Head of Research at Geojit Financial Services.

As per data released by the National Statistical Office (NSO) on Thursday, India’s real gross domestic product (GDP) expanded by 8.4% year-on-year in the October-December quarter. Q3 growth data is better than the projections by analysts as well as the central bank. The Reserve Bank of India (RBI) had pegged the Q3 growth figure at 6.5% while most economists’ projections were in the range of 6 to 6.8%.

“As the general election draws closer, stellar economic growth data raised confidence among investors for a pre-election rally,” said Nair.  

On the global front, in-line US personal consumption expenditure data and benign Euro zone inflation will influence global central banks to take a dovish view on interest rates, he added.  

There was a strong buying support in the banking stocks. ICICI Bank rallied 3.18%. SBI surged 2.67%. HDFC Bank jumped 2.02%.

Nifty Bank index of NSE surged 2.53% to 47,286.90 points. There was a 2.48% jump in S&P BSE Bankex index.

“Sentiment is optimistic for potential upward movements, with expectations of buying into dips,” said Rupak De, senior technical analyst at LKP Securities.

Buying support was broad-based. Only four of the 30 stocks that are part of the BSE Sensex closed in the red. Tata Steel climbed 6.46% at the BSE, while at the NSE it rallied by 6.89%. Tata Steel was the biggest gainer in both Sensex and Nifty. The market heavyweight Reliance Industries gained 2.09%.

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(Published 01 March 2024, 23:01 IST)

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