The National Statistical Office (NSO) had on Thursday revised upwards India’s FY24 growth estimate to 7.6% from 7.3% projected in January.
| Photo Credit: Balaji W S
Key benchmark stock indices on Friday surged almost 2% higher aided by better-than-expected third-quarter (Q3) Gross Domestic Product (GDP) growth data.
The National Statistical Office (NSO) had on Thursday revised upwards India’s FY24 growth estimate to 7.6% from 7.3% projected in January.
The S&P BSE Sensex surged 1.72%, or 1,245.05 points, to an all-time high of 73,745.34 backed by gains in metal and banking stocks.
Intraday, the Sensex touched 73,819.21.
The Sensex stocks that gained the most included Tata Steel up 6.46%, JSW Steel (4.46%), L&T (4.39%), Titan (3.73%), IndusInd Bank (3.44%) and ICICI Bank (3.18%).
The NSE Nifty-50 index too surged 1.62%, or 355.95 points, to 22,338.75.
“Nifty formed a bullish Marubozu candle to give the highest-ever closing on the back of robust Q3 GDP numbers. The Index broke out of a two-month consolidation zone and such volatility contraction is usually followed by a strong rally,” said Sheersham Gupta, Director and Senior Technical Analyst at Rupeezy.
Ajit Mishra, Senior Vice-President, Technical Research, Religare Broking Ltd. said, “The majority of sectors contributed to the move wherein metal, banking and auto posted strong gains. However, the broader indices underperformed the benchmark but managed to end with modest gains.”
“We feel the participation of the banking pack would continue to play a critical role in maintaining the prevailing momentum while others may play a supportive part on a rotational basis,” he added.
