Market recoups poll verdict loss
Sensex, Nifty skyrocket over 2% to scale past exit poll day to fresh peaks after RBI raised GDP growth forecast for FY25
image for illustrative purpose
![Market recoups poll verdict loss Market recoups poll verdict loss](https://www.bizzbuzz.news/h-upload/2024/06/08/1912882-loss.webp)
Mumbai: Benchmark equity indices Sensex and Nifty climbed over two per cent to settle at record high levels on Friday after the Reserve Bank of India (RBI) revised upwards the GDP growth projection to 7.2 per cent for 2024-25 from 7 per cent earlier. The 30-share BSE Sensex jumped 1,720.8 points, or 2.29 per cent, to hit a new record peak of 76,795.31 in day trade. The benchmark ended at a record high of 76,693.36, up 1,618.85 points, or 2.16 per cent. The NSE Nifty climbed 498.8 points, or 2.18 per cent, to 23,320.20 during the day and is just 18.5 points from the record intraday high. The index settled with a jump of 468.75 points, or 2.05 per cent, at all-time closing high of 23,290.15. IT and interest rate-sensitive bank, realty, and auto stocks ended with sharp gains. As many as 2,890 stocks advanced, while 970 declined and 92 remained unchanged on the BSE.
“The anticipation of stability within the coalition government at the centre, coupled with the RBI’s upward revision of its growth forecast for FY25 to 7.2 per cent, fuelled a broad-based rally in the domestic market. The Indian market surpassed its previous record high set on exit-poll day and reached a fresh peak,” said Vinod Nair, head (research), Geojit Financial Services.
“Nifty has risen for the third consecutive session to close with gains of 469 points as the NDA government formation gets closer. Nifty has gained 6.42% in the last three sessions, which is highest three session rise since February 2021,” said Nandish Shah, deputy V-P (retail research), HDFC Securities.
In the broader market, the BSE smallcap gauge climbed 2.18 per cent and midcap index rallied 1.28 per cent. All indices ended in the positive territory. Telecommunication jumped 3.78 per cent, IT soared 3.38 per cent, while teck (3.33 per cent), auto (2.53 per cent), utilities (2.18 per cent), metal (2.15 per cent), energy (1.99 per cent) and consumer discretionary (1.94 per cent) also advanced. In an eventful week, the BSE benchmark jumped 2,732.05 points or 3.69 per cent and the Nifty zoomed 759.45 points or 3.37 per cent.
The RBI left its key interest rates unchanged on Friday as expected, keeping the focus on inflation amid robust economic growth that is likely to provide the new Modi government headroom for manoeuvring reforms.