Market momentum surged following the release of strong GDP data, pushing Nifty to achieve a new high and Sensex to surge by 1,000 points
Benchmark indices skyrocketed on Friday, buoyed by the positive trajectory of GDP figures released the previous evening, which stood at 8.4 percent. This figure surpassed estimates, exceeding both IMF projections and those of the domestic apex bank, RBI.
The Sensex witnessed a surge of more than 1000 points, crossing the 73,500 level mark, whereas the Nifty 50 index shied away from reaching the 22,300 level mark, up by nearly 300 points.
Among sectoral indices, the Nifty Bank also witnessed an uptrend. Even the FMCG index was up by more than 400 points. However, the Nifty IT index failed to impress the Dalal Street.
At 12:30, the Sensex surged by 1,043 points, at 73,543, while the Nifty was up by 315 points, at 22,29. Both indices recorded fresh highs.
Among the top gainers were Tata Steel, JSW Steel, Larsen and Toubro, Titan, and ICICI Bank. Companies under the Tata Group performed robustly, with four of them ranking among the day's best performers. HCL, Infosys, Sun Pharma, and Wipro were among the top losers.
Commenting on the latest GDP data, PM Modi said in a social media post, “Robust 8.4 per cent GDP growth in Q3 2023-24 shows the strength of Indian economy and its potential. Our efforts will continue to bring fast economic growth which shall help 140 crore Indians lead a better life and create a Viksit Bharat!''