Business

Stock Market Reacts Positively To Strong GDP Growth Data

On March 3, the Indian stock market opened higher, buoyed by favourable GDP growth data and strong GST collections.

At around 9.39 AM, the Sensex was up by 133.58 points, or 0.18%, at 73,331.68, while the Nifty gained 46.25 points, or 0.21%, at 22,170.95.

Early trading saw gains in the auto and IT sectors, contributing to the positive market sentiment.

Positive Economic Indicators Boost Sentiment

Experts attributed the market’s strength to strong economic indicators. India’s GDP growth rate for Q3 increased from 5.6% in Q2 to 6.2%, with projections suggesting growth above 7% in Q4.

This cyclical recovery in the economy is expected to drive short-term gains in the stock market.

As consumer demand and business activity improve, market sentiment is likely to stay positive.

Market analysts suggest that Nifty may encounter resistance at 22,300, and breaking this level could lead to further gains toward 22,530 and 22,670.

On the downside, immediate support is at 21,929, a crucial level that could signal caution if breached, with further downside potential to 21,718.

A sustained movement above the resistance levels could trigger additional buying interest, while a dip below the support levels might raise concerns about market stability.

Sectoral Trends & Key Movers

In the Sensex pack, stocks like UltraTech Cement, M&M, Infosys, Zomato, L&T, Adani Ports, and ICICI Bank were among the top gainers.

On the other hand, IndusInd Bank, Bajaj Finserv, NTPC, Axis Bank, and Kotak Mahindra Bank were the top losers.

In global markets, US indices showed positive movement, with Dow Jones rising 1.39%, S&P 500 climbing 1.59%, and Nasdaq adding 1.63%.

Asian markets followed suit, with China, Japan, Jakarta, and Hong Kong all trading in the green, while Bangkok was in the red.

Despite a positive domestic outlook, foreign institutional investors (FIIs) continued their selling streak for the seventh consecutive day, offloading equities worth Rs 11,639.02 crore on February 28.

However, domestic institutional investors (DIIs) remained active, purchasing equities worth Rs 12,308.63 crore during the same period.

Also Read: Adani Green Energy Secures Major Refinancing Milestone

Anamika Agarwala

Recent Posts

Seeing The Lord Among Devotees Is The Pinnacle Of Humility: Gautam Adani At Rath Yatra

Gautam Adani, along with his wife and Karan, participated in the Rath Yatra in Puri,…

10 mins ago

PM Modi Interacts With Group Captain Shubhanshu Shukla Aboard The ISS

PM Narendra Modi interacted with Group Captain Shubhanshu Shukla, the first Indian to reach the…

1 hour ago

Gautam Adani, Family Participate In Puri Rath Yatra; Launch Massive ‘Prasad Seva’ Initiative

Gautam Adani, along with his wife Priti Adani and son Karan Adani, joined thousands of…

2 hours ago

PM Modi, Leaders Pay Tribute To Former PM PV Narasimha Rao On Birth Anniversary

PM Narendra Modi on Saturday paid tribute to former Prime Minister PV Narasimha Rao on…

2 hours ago

Gautam Adani Hails Divine Experience At Rath Yatra; Praises Odisha’s Graceful Management

Gautam Adani conveyed profound spiritual emotions after witnessing the revered Rath Yatra of Lord Jagannath…

2 hours ago

Punjab’s Litchis Reach Middle East Markets In Boost To India’s Fruit Exports

In a step towards diversifying India’s horticultural exports, Punjab has successfully shipped its first consignment…

3 hours ago