COMPANIES

No Data Found

NEWS

No Data Found
Advertisement
Sensex jumps over 1,050 points to hit all-time high, Nifty tops 22,300 for first time: Key reasons behind the rise

Sensex jumps over 1,050 points to hit all-time high, Nifty tops 22,300 for first time: Key reasons behind the rise

The broader NSE Nifty index moved over 300 points up to scale its all-time high of 22,304. The strong upward move in the domestic benchmarks was supported by gains in banks, financials, automobile, metal, consumer and energy stocks. India VIX, fear index, shed 0.81 per cent to 15.45-level.

Prashun Talukdar
Prashun Talukdar
  • Updated Mar 1, 2024 12:12 PM IST
Sensex jumps over 1,050 points to hit all-time high, Nifty tops 22,300 for first time: Key reasons behind the riseSensex jumps over 1,050 points to hit all-time high, Nifty tops 22,300 for first time: Key reasons behind the rise

Indian equity benchmarks on Friday traded with sharp gains in late-morning deals as the 30-share BSE Sensex pack surged more than 1,050 points to hit its lifetime high of 73,574.02. The broader NSE Nifty index moved over 300 points up to scale its all-time high of 22,304. The strong upward move in the domestic benchmarks was supported by gains in banks, financials, automobile, metal, consumer and energy stocks. Broader markets (mid- and small-cap shares) were also positive. India VIX, fear index, shed 0.81 per cent to 15.45-level.

Advertisement

Related Articles

Such was the rise in the bourses that around Rs 3.6 lakh crore of BSE market capitalisation (m-cap) was generated. Investor wealth, as suggested by the BSE m-cap, rose Rs 3.63 lakh crore to Rs 391.59 lakh crore compared with a valuation of Rs 387.95 lakh crore recorded in the previous session.

Frontline stocks such as ICICI Bank, HDFC Bank, L&T, Reliance Industries Ltd, Tata Steel, Axis Bank, ITC, Tata Motors, Kotak Mahindra Bank and Titan contributed to the rise today.

Here are the key reasons behind the stock market rise:

  • GDP growth

India’s economy grew 8.4 per cent in the October-December quarter (Q3 FY24), the fastest pace in six quarters, aided by robust manufacturing and construction activity. The main factor influencing the market today is better-than-expected Q3 GDP growth number, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. "It is important to note that the GVA has come on expected lines at 6.5 per cent. The difference between GDP growth and GVA is due to the excellent 32 per cent growth in net indirect taxes," he added.

Advertisement
  • Banks, financial, auto, metal, consumer & energy stocks soar

10 out of the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty Auto, Nifty Metal, Nifty FMCG, Nifty Consumer Durables and Nifty Oil & Gas were outperforming the NSE platform by rising as much as 1.58 per cent, 1.44 per cent, 1.15 per cent, 0.79 per cent, 0.88 per cent and 1.81 per cent, respectively. However, Nifty Media and Nifty Healthcare slipped today.

  • Global cues

Most Asian shares were trading higher today. Overnight, Wall Street equities closed higher overnight, with S&P 500 and Nasdaq Composite settling at record highs after in-line US inflation reading kept intact the likelihood of an interest rate cut in June.

Advertisement
  • FII data

Foreign institutional investors (FIIs) net bought shares worth Rs 3,568 crore during the previous session, while domestic institutional investors sold shares worth Rs 230 crore.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Mar 1, 2024 11:59 AM IST
Post a comment0