On Friday, benchmark stock market indices soared to unprecedented heights as investors on Dalal Street embraced the faster-than-expected GDP growth in the third quarter of the ongoing financial year, signaling positive sentiments in the market.
At approximately 11:50 am, the S&P BSE Sensex surged by over 1,000 points, reaching a fresh pinnacle of 73,574.02, while the NSE Nifty50 ascended to a record high of 22,304.
The morning witnessed a robust opening with bullish trends dominating proceedings on Dalal Street, spurred by the 8.4 percent GDP growth in Q3FY24.
In sync with the benchmarks, domestic-focused broader market indices also experienced an uptick, reflecting optimism regarding India's sustained growth momentum.
The notable surge was predominantly propelled by banking and financial stocks, with the Nifty Bank and Nifty Financial Services indices witnessing gains of 1.7 and 1.5 percent, respectively. Additionally, sectoral indices such as Nifty Metal soared nearly 3 percent, while Nifty Auto registered a gain of 1.44 percent.
Among the top performers on Nifty50 were Tata Steel, JSW Steel, L&T, BPCL, and Titan. Conversely, Cipla, Britannia, HCLTech, Sun Pharma, and LTIM were among the top drags.
Market experts attribute the stock market rally primarily to the robust GDP growth in the third quarter. VK Vijayakumar, chief investment strategist at Geojit Financial Services, remarked, "India's impressive gross domestic product (GDP) numbers provide fundamental support to the bull market."
Similarly, Deven Mehata, a research analyst at Choice Broking, noted earlier that "GDP growth will help markets to move higher" and advised investors to maintain their positions over the long term.
