Mumbai. The major stock indices Sensex and Nifty closed at record highs on Friday, rising more than two percent. The Reserve Bank of India (RBI) has raised the gross domestic product (GDP) growth rate forecast for 2024-25 from seven percent to 7.2 percent, due to which this boom was seen in the market.
During the day’s trading, the 30-share BSE Sensex jumped 1,720.8 points or 2.29 percent to a new record high of 76,795.31. At the end of trading, the Sensex closed at 76,693.36 points with a gain of 1,618.85 points or 2.16 percent. This is its new record.
Similarly, the NSE Nifty rose 498.8 points or 2.18 percent to reach 23,320.20 points during the day’s trading. Nifty was only 18.5 points away from touching its record high during the day’s trading. At the end of trading, the Nifty closed at 23,290.15 points with a gain of 468.75 points or 2.05 percent. Thus, the Nifty closed at its new all-time high. Apart from interest rate sensitive banks, realty and auto sectors, IT stocks registered sharp gains.
RBI on Friday kept its key policy rate repo unchanged as expected. RBI Governor Shaktikanta Das said in his statement that the Monetary Policy Committee maintained the repo rate at 6.5 percent for the eighth consecutive policy meeting.
Vinod Nair, Head of Research, Geojit Financial Services, said, “The domestic market witnessed a broad rally as RBI revised its growth forecast for the financial year 2024-25 to 7.2 per cent along with the expectation of stability within the coalition government at the Centre.” All the 30 Sensex companies closed with gains. Mahindra & Mahindra, Wipro, Tech Mahindra, Bharti Airtel, Infosys and Tata Steel saw notable gains.
Nandish Shah, Deputy Vice President, Retail Research, HDFC Securities, said that Nifty has gained 6.42 percent in the last three sessions, which is the highest gain in three sessions since February 2021. In the broader market, the BSE Smallcap index rose 2.18 percent and Midcap 1.28 percent. All sectoral indices closed with gains. Telecom rose 3.78 percent, IT 3.38 percent, technology 3.33 percent, auto 2.53 percent, utility 2.18 percent, metal 2.15 percent and energy 1.99 percent.
In this volatile week, the BSE Sensex jumped 2,732.05 points or 3.69 percent. On the other hand, the Nifty rose 759.45 points or 3.37 percent. In other Asian markets, China’s Shanghai Composite and South Korea’s Kaspi closed with gains, while Hong Kong’s Hang Seng and Japan’s Nikkei were in losses. European markets registered a decline. US markets had a mixed trend on Thursday. Global oil benchmark Brent crude rose 0.04 percent to $ 79.95 per barrel. According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 6,867.72 crore on Thursday.