Sensex zooms by over 1,200 points on robust GDP numbers

Mumbai, March 1: The BSE Sensexgained a whopping 1,200 points on Friday on the back of a robust set of GDP numbers.

The Sensex, which touched a fresh all-time high of 73,819.21 in intra-day trade, ended 1.72 per cent or 1,245.05 points higher at 73,745.35, while the Nifty closed at 22,338.75, up 355.95 points or 1.62 per cent.

Among the Sensex stocks, Tata Steel gained a huge 6 per cent, while JSW Steel was up 4 per cent. L&T also gained 4 per cent, while Titan, Indusind Bank, Maruti, and ICICI gained 3 per cent each.

Rupak De, Senior Technical Analyst at LKP Securities, said that Nifty remained above 22,000 in the early hours on Friday, propelling the market upward throughout the day. The index's consolidation breakout, coupled with sustained movement above the moving average, fueled a robust rally.

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said the Bank Nifty bulls maintained their dominance, leading the index to overcome significant hurdles with notable volumes.

There is a strong indication that the index is poised to surpass its all-time high levels, situated at the 48,500-mark, in the near term, he said.

As per a report by brokerage firm Prabhudas Lilladher, the Indian economy witnessed robust growth of 8.4 per cent in Q3FY24 as against 4.3 per cent in Q3FY23 led by strong industrial performance backed by the government’s ‘Make in India’ campaign and impetus on infrastructure building.

In contrast, agrarian sector performance remained bleak following a sub-normal monsoon. The government estimates India to grow by 7.6 per cent in FY24, as compared to 7 per cent growth in the previous year.

“We believe the Indian economy will continue to be the fastest growing economy globally led by pro-growth policies, recovering domestic demand conditions, government spending and improving capacity utilisation of private firms," the firm said.