Stellar GDP figures propel stock markets to new high
Sandeep Dikshit
New Delhi, March 1
Better-than-expected third quarter GDP figures, easing of US inflation and foreign institutional investors turning net buyers pushed the stock markets to a fresh all-time high on Friday.
Sensex ends at all-time high of 73,745.35
Nifty 22,338.75
Investors richer by Rs 4.29L cr
- Investors’ wealth surged by Rs 4.29 lakh crore as markets fired on all cylinders
- Better-than-expected Q3 FY24 GDP, ease in US inflation fuelled rally, say experts
Investors’ wealth increased by Rs 4.29 lakh crore in a single day as the BSE Sensex rose nearly 2 per cent or 1,245 points to touch 73,819.21 before closing at an all-time high of 73,745.35. Nifty rose 1.62 per cent or 355.95 points to end the day at a record high of 22,338.75. “Globally investors were optimistic after US core inflation edged lower to 2.8 per cent. This, supported by healthy domestic data, led Nifty to hit a new high. We expect the momentum to continue, while taking cues from a fresh set of economic data next week,” said Siddharth Khemka of Motilal Oswal. “As the General Election draws closer, stellar GDP data raised confidence among investors for a pre-election rally,” opined Vinod Nair of Geojit Financial Services. The GDP grew at 8.4% in the third quarter (October to December) of 2023-24. The growth rate was higher than 7.6% in the previous three years, and it helped take the estimate for the current fiscal to 7.6%, according to the data released by the government on Thursday.
The manufacturing sector rose to a five-month high in February due to higher factory production and sales, supported by both domestic and external demand, said the Finance Ministry on Friday.
There were also favourable cues from stock markets worldwide.
