The benchmark stock market indices concluded the trading session by reaching new closing highs, buoyed by optimism surrounding India's third-quarter growth, which exceeded expectations.
At the closing bell, the S&P BSE Sensex surged by 1,245 points to reach 73,745.35, while the NSE Nifty50 climbed by 356.05 points to reach 22,338.85. Notably, both indices reached all-time highs during the session, with the Sensex hitting 73,819.21 and the Nifty reaching 22,353.30.
This uptrend was triggered by the announcement of India's robust economic expansion of 8.4 percent in the October-December quarter, the fastest growth recorded in six quarters, as revealed by recently released data.
The initiation of the March series for Nifty futures witnessed an unprecedented level of market-wide open interest, indicating an extremely bullish sentiment, as emphasized by Nuvama Alternative and Quantitative Research. Nuvama anticipates that the Nifty 50 will maintain its upward trajectory throughout March.
On Friday, the combined market capitalization of all NSE-listed Indian stocks surged to an unparalleled $4.69 trillion, with eight Nifty 50 stocks achieving new highs.
Throughout the week, seven out of thirteen major sectors observed gains. However, the broader small-cap and mid-cap indices experienced declines, lagging behind the benchmarks due to concerns about an inflow of excessive funds.
During the trading session, Tata Steel witnessed a notable surge of 6.46 percent in response to multiple block deals, while Hindalco recorded a gain of 3.03 percent following a CLSA upgrade. Additionally, Larsen & Toubro saw a significant jump of 4.48 percent after securing a contract with India's defense ministry.
Furthermore, the stock markets are scheduled to undergo a special session on Saturday to evaluate readiness during emergencies.
