Sensex and Nifty surge in early trading on strong GDP statistics and influx of foreign funds
Benchmark indexes for equity Early Friday trading saw Sensex and Nifty rise thanks to strong GDP figures and new inflows of foreign funds.
Additionally, the strong trend in the equities markets was reinforced by a rebound in worldwide markets.
In early trading, the 30-share BSE Sensex increased 417.77 points to 72,918.07 points. The Nifty reached 22,125.65, up 142.85 points.
The top gainers among the Sensex companies were Power Grid, IndusInd Bank, Maruti, NTPC, ICICI Bank, Larsen & Toubro, JSW Steel, Mahindra & Mahindra, Tata Steel, and Tata Motors. Among the laggards were Asian Paints, Hindustan Unilever, HCL Technologies, and Infosys.
In the last three months of 2023, India’s GDP expanded by 8.4%, more than anticipated and at its strongest rate in 1.5 years.
According to statistics provided by the National Statistical Office (NSO) on Thursday, the growth rate in October-December was greater than 7.6 per cent in the preceding three years, which contributed to raising the projection for the current fiscal (April 2023 to March 2024) to 7.6 per cent.
According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the better-than-expected Q3 GDP growth figure—which came in at an outstanding 8.4%—will be the key factor driving the market today.
“The impressive GDP numbers provide the fundamental support to the bull market,” he said.
The benchmark for world oil, Brent crude, fell 0.07 percent to USD 83.62 a barrel.
Hong Kong, Shanghai, and Tokyo were quoting at gains in the Asian markets.
On Thursday, the US markets concluded the day higher.
According to exchange statistics, foreign institutional investors (FIIs) were buyers on Thursday, purchasing stocks valued at Rs 3,568.11 crore.
On Thursday, the BSE benchmark increased by 195.42 points, or 0.27 percent, to end the day at 72,500.30. To reach 21,982.80, the Nifty increased by 31.65 points, or 0.14 percent.
