Sensex, Nifty Hit New Record Highs On Great GDP Statistics And Foreign Fund Inflows

The benchmark market indices Sensex and Nifty soared more than 1.5 percent to reach career highs on Friday, backed by excellent GDP figures and fresh foreign capital inflows.

The 30-share BSE Sensex surged 1,245.05 points, or 1.72 percent, to 73,745.35, its all-time closing high. During the day, it climbed 1,318.91 points, or 1.81 percent, to a record intra-day high of 73,819.21.

The Nifty went up 355.95 points, or 1.62 percent, to a new closing high of 22,338.75. During the day, it advanced 370.5 points, or 1.68 percent, to an intra-day record high of 22,353.30.

Tata Steel surged more than 6 percent, while JSW Steel increased by over 4 percent. The other notable gainers were Larsen & Toubro, Titan, Maruti, IndusInd Bank, ICICI Bank, and Tata Motors.

The laggards were HCL Technologies, Infosys, and Tech Mahindra.

In the final three months of 2023, India’s GDP expanded at a faster-than-expected rate of 8.4 percent, the fastest pace in one and a half years.

The growth rate in October-December was greater than 7.6 percent in the preceding three years, contributing to a 7.6 percent estimate for the current fiscal year (April 2023 to March 2024), according to data provided by the National Statistical Office (NSO) on Thursday.

In Asian markets, Tokyo, Shanghai, and Hong Kong all closed on a high note, while South Korea declined.

European stocks were trading higher. On Thursday, the US markets closed higher.

Brent crude gained 0.82 percent to USD 82.58 a barrel.

According to exchange data, foreign institutional investors (FIIs) purchased securities worth Rs 3,568.11 crore on Thursday.

The BSE benchmark soared 195.42 points, or 0.27 percent, to 72,500.30 on Thursday. The Nifty improved 31.65 points, or 0.14 percent, to 21,982.80.

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