Macro data, FII inflows data fuel market rally
Nifty hits all-time high while Sensex at highest closing level since Sept 18
image for illustrative purpose
In bullish zone
- Sensex jumps 492.75 pts or 0.74% to settle at 67,481
- During the day, it surges 575.89 pts or 0.85% to 67,564.33
- Nifty climbs 134.75 pts or 0.67% to settle at 20,267.90
- ITC, NTPC, Axis Bank, L & T, Bajaj Finance major gainers
- M&M, Wipro, Maruti, IndusInd Bank, Kotak Mahindra among losers
Mumbai: Key equity index Nifty hit its lifetime high while Sensex jumped 493 points to close at an 11-week high, driven by favourable macroeconomic data and continuous foreign fund inflows. The 30-share BSE Sensex jumped 492.75 points or 0.74 per cent to settle at 67,481.19, the highest closing level since September 18.
During the day, it surged 575.89 points or 0.85 per cent to 67,564.33. The Nifty climbed 134.75 points or 0.67 per cent to settle at an all-time high of 20,267.90. During the day, the benchmark touched its intra-day record high of 20,291.55, up 158.4 points or 0.78 per cent.
Among the Sensex firms, ITC, NTPC, Axis Bank, Larsen & Toubro, Bajaj Finance, Asian Paints and Tata Steel were the major gainers. Mahindra & Mahindra, Wipro, Maruti, IndusInd Bank, Kotak Mahindra Bank and HDFC Bank were among the laggards. Foreign Institutional Investors (FIIs) bought equities worth Rs 8,147.85 crore on Thursday, according to exchange data.
Better-than-estimated India GDP numbers will raise the growth outlook for FY24 and provide cheer for the market to continue its upward momentum.
The global market too rallied on hopes that the ECB has completed its rate-hiking cycle on the back of easing inflation and ahead of the FED chair speech on Friday. “The auto sales numbers witnessed a festival cheer, while the premium valuation restricted the upside potential,” said Vinod Nair, Head of Research, Geojit Financial Services.
India retained the tag of the world’s fastest-growing major economy, with its GDP expanding by a faster-than-expected rate of 7.6 per cent in the September quarter on booster shots from government spending and manufacturing. In the broader market, the BSE midcap gauge jumped 0.96 per cent and smallcap index climbed 0.48 per cent.
Among the indices, power jumped 1.57 per cent, FMCG climbed 1.53 per cent, utilities (1.46 per cent), realty (1.32 per cent), metal (1.07 per cent), commodities (0.92 per cent) and industrials (0.88 per cent). Auto emerged as the only laggard. On the weekly front, the BSE benchmark jumped 1,511.15 points or 2.29 per cent while the Nifty 473.2 points or 2.39 per cent.
