Stock market today
:
BSE Sensex
on Friday stood at 76,693.36 mark, registering an impressive gain of 1,618.85 points or 2.16 per cent in the closing session, meanwhile, NSE Nifty also performed exceptionally well, climbing 468.75 points to settle at a record high of 23,290.15.
Sensex experienced a remarkable surge, soaring by more than 1,720 points, or over 2 per cent to hit all time high during the day’s trading session, after the Reserve Bank of India revised upwards the GDP growth projection to 7.2 per cent for 2024-25 from 7 per cent earlier.
The 30-share BSE Sensex hit a peak of 76,795.31 and, the NSE Nifty went up by 498.8 points to reach 23,320.20.
All the 30 Sensex companies ended the day in the green, with Mahindra & Mahindra, Wipro, Tech Mahindra, Bharti Airtel, Infosys, and Tata Steel emerging as the top gainers.
The Reserve Bank of India (RBI) kept the repo rate unchanged at 6.5% and its commentary on inflation indicated that inflation will come closer to the 4% target in the ongoing financial year. RBI has also expressed optimism about Indian economy’s sustained growth and raised its GDP growth forecast to 7.2%.
This adjustment comes as India’s economy, the third-largest in Asia, performed better than anticipated in the previous year. The central bank has maintained its inflation projection at 4.5 per cent for the same period.
The short-term trend for Nifty remains positive, although high volatility persists. With Nifty surpassing the 22250 level hurdle, it could potentially reach the next resistance level of 23200 in the near future, according to Nagaraj Shetti of HDFC Securities. The immediate support level is at 22640.
In Thursday’s trading, Asian markets saw mixed results, with Seoul and Shanghai closing higher, while Tokyo and Hong Kong experienced losses. European markets were trading lower, and US markets ended the day with mixed outcomes.
Brent crude, the global oil benchmark, edged up 0.04 per cent to reach $79.95 a barrel. According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth Rs 6,867.72 crore on Thursday.
The BSE benchmark, surpassing the 75,000 mark, surged 692.27 points or 0.93 per cent to close at 75,074.51 on Thursday. Similarly, the Nifty gained 201.05 points or 0.89 per cent, settling at 22,821.40.
(With inputs from agencies)
