Stock market on a high: Sensex zooms 1,000 points to hit a record on GDP data - Hindustan Times

Stock market on a high: Sensex zooms 1,000 points to hit a record on better-than-expected GDP data

ByVaishnawi Sinha
Mar 01, 2024 02:00 PM IST

Sensex spiked more than 1,000 points on Friday, touching an all-time high of 73,574 in early trading hours.

The Indian stock market saw a major rally on Friday as BSE Sensex witnessed a spike of over 1000 points during the early trading hours, touching its all-time high at 11:45 am.

Sensex saw a spike of over 1000 points on Friday(Bajaj Finserv)
Sensex saw a spike of over 1000 points on Friday(Bajaj Finserv)

Sensex on March 1 surged by around 1,055 points to touch its record high at 73, 574 points. This comes just as its NSE counterpart Nifty50 is also hit its all time high, jumping over the 22,300 mark for the first time in history.

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The BSE index's 1000 point rally led to a major spike in the market capitalisation of all the listed companies, which grew by 3.23 lakh crore on Friday morning. The overall market value of all the Sensex listed companies is now 391.18 lakh crore.

One of the prime reasons behind the rally of the Indian stock market on Friday is India's economic growth zooming past 8.4 percent in the quarter ending on December 2023, which is the highest growth rate recorded over the last six quarters.

Gross domestic product rose 8.4% from a year ago, the Statistics Ministry said Thursday, buoyed by strong private-sector investment and a pick-up in services spending. GDP figures for the previous two quarter’s were revised to above 8% as well.

Not only this, but the Sensex and Nifty rally also occurred due to a spike in global markets, more specifically in the United States and Asian stock indices. Wall Street, Nasdaq and Japan's Nikkei showed stellar growth in the last session, boosting up Indian markets.

The in-line US inflation data also proved to be a promising fuel for the Sensex and Nifty surge on Friday. The inflation data kept in like the likelihood of federal rate cuts, leading to more liquidity in the markets in the near future.

The foreign investors also seem to be in a buying mode, boosting up Indian markets. In the previous market session, FIIs ended up buying 3598 crore, while domestic investors sold shares worth 230 crore.

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