Sensex, Nifty hit record high levels on impressive GDP data, foreign fund inflows

PTI, Mar 1, 2024, 5:16 PM IST

Credit: PTI

Mumbai: Equity benchmark indices Sensex and Nifty hit their all-time high levels on Friday helped by impressive GDP data and fresh foreign fund inflows.

Also, a rally in global markets added to the positive momentum in the equity markets.

The 30-share BSE Sensex jumped 1,139.04 points to 73,639.34 — its all-time peak — in the late afternoon trade. The Nifty climbed 335.85 points to reach its new record peak of 22,318.65.

Among the Sensex firms, Tata Steel jumped over 5 per cent while JSW Steel quoted with a gain of nearly 4 per cent. Larsen and Toubro, Titan, ICICI Bank and Tata Motors were the other major gainers.

HCL Technologies, Infosys and Tech Mahindra were the laggards.

India’s economy grew by better-than-expected 8.4 per cent in the final three months of 2023 — the fastest pace in one-and-half years.
The growth rate in October-December was higher than 7.6 per cent in the previous three years, and it helped take the estimate for the current fiscal (April 2023 to March 2024) to 7.6 per cent, according to the data released by the National Statistical Office (NSO) on Thursday.

The main factor influencing the market today will be the better-than-expected Q3 GDP growth number which has come at an impressive 8.4 per cent, said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

“The impressive GDP numbers provide the fundamental support to the bull market,” he added.

India’s manufacturing sector growth climbed to a five-month high in February amid a sharper uptick in factory production and sales, supported by both domestic and external demand, a monthly survey said on Friday.

The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) rose from 56.5 in January to 56.9 in February, pointing to the strongest improvement in the health of the sector since September 2023.

In Asian markets, Tokyo, Shanghai and Hong Kong were quoting with gains.

The US markets ended in the green on Thursday.

Foreign Institutional Investors (FIIs) turned buyers on Thursday as they bought equities worth Rs 3,568.11 crore, according to exchange data.

The BSE benchmark climbed 195.42 points or 0.27 per cent to settle at 72,500.30 on Thursday. The Nifty gained 31.65 points or 0.14 per cent to 21,982.80.

Global oil benchmark Brent crude climbed 0.33 per cent to USD 82.19 a barrel.