26, February, 2024
HomeBusinessMarket Records New Highs - Nifty50, Sensex Surge Driven by GDP Growth and Exit Polls

Market Records New Highs – Nifty50, Sensex Surge Driven by GDP Growth and Exit Polls

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The Nifty50 index soared to a fresh high as India’s economy expanded faster than predicted in the September quarter. With a growth rate of 7.6%, surpassing the Reserve Bank of India’s forecast of 6.5%, the manufacturing sector significantly contributed to this rise.

Read Also | Nifty Stocks Hitting Record Highs in September 2023: L&T, Maruti, Axis Bank, and NTPC Lead the Way

Nifty50, the primary index of India’s National Stock Exchange, hit a new peak at 20,258.45 during early trade, propelled by the unexpected surge in India’s GDP. The nation’s economy grew by 7.6%, outshining RBI’s projections. This impressive growth was largely propelled by the robust performance of the manufacturing sector.

This positive economic upswing has not only bolstered prospects for global interest rates but also hints at potential political stability, as per an ET report. Such news has further fueled optimism in the market.

Meanwhile, the BSE Sensex surged by over 400 points or 0.67%, reaching a staggering 67,420. In tandem, Nifty50 surged by 0.6% or over 120 points, crossing the 20,250 mark early in the trading session.

Among the Sensex stocks, except for Wipro, Titan, HCL Tech, and Infosys, all others opened on a positive note. In terms of sectors, Nifty Realty surged over 2%, while Nifty PSU Bank saw a rise of 0.75%. Additionally, Nifty Auto, Financial, FMCG, Media, Metal, and Pharma sectors witnessed early trade gains.

Looking at the broader market scenario, Nifty Midcap100 and Smallcap100 also registered increases of 0.66% and 0.7%, respectively. Notably, ITD Cementation, a small-cap firm, recorded a notable 13% increase after securing a contract for a hydel power project in Andhra Pradesh.

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, asserts that this optimistic data and news will sustain market momentum. He emphasizes the 7.6% GDP growth in the September quarter and the exit poll results as key drivers for the market’s trajectory.

While Asian markets showed a mixed performance, Wall Street saw varied movements with the Dow surging nearly 1.5% and the Nasdaq slipping following fresh inflation data.

In the realm of foreign investments, Foreign Portfolio Investors (FPIs) bought Indian shares worth Rs 8,147.8 crore on Thursday. Additionally, FPIs broke a two-month selling streak in November, adding stocks worth Rs 9,001 crore.

Amidst this, oil prices continued their decline, marking a sixth consecutive week of losses. Brent crude futures for February fell to $80.47 a barrel, while US West Texas Intermediate crude futures dropped to $75.73.

Read Also | India Crossing the $4 Trillion GDP Milestone First Time

Finally, the Indian rupee gained 9 paise against the US dollar during early trade. Meanwhile, the dollar index, tracking the greenback against major currencies, fell to 103.4.

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