Indian shares rallied on Friday to hit record highs, buoyed by positive global cues and upbeat Q3 GDP data.
Data showed the Indian economy grew by a robust 8.4 percent in the third quarter of FY24, surpassing analysts’ expectations.
The numbers for Q1 and Q2 FY24 have also been revised upwards.
Positive cues from global markets also boosted sentiment after a key U.S. inflation metric closely watched by the Federal Reserve increased at the slowest rate in nearly three years, and data from Germany, France and Spain showed progress on disinflation.
Investors now bet on both the U.S. Federal Reserve and the European Central Bank lowering borrowing costs in June.
The benchmark S&P/BSE Sensex jumped 1,245.05 points, or 1.72 percent, to 73,745.35 while the broader NSE Nifty index settled 355.95 points, or 1.62 percent, higher at 22,338.75.
Metal stocks topped the gainers list as China’s February PMI data beat estimates. Tata Steel soared 6.9 percent and JSW Steel surged 4.43 percent.
Among other prominent gainers, IndusInd Bank, Titan Company and Larsen & Toubro rallied 3-4 percent.
Pharma, IT and FMCG stocks led losses. Dr Reddy’s Laboratories lost 3.7 percent after reports of a potential antitrust lawsuit in the United States.
Britannia Industries, Sun Pharma, HCL Technologies and Infosys all fell around 1 percent.
Market Analysis
Sensex, Nifty Surge To Record Highs On Optimism Over Fed Rate Cuts
2024-03-01 10:24:44
