Get ready for a rollercoaster ride as the Sensex, India’s benchmark index, rockets at the Stock Market today by an astounding 1,245 points, leaving investors both exhilarated and anxious. What’s behind this unprecedented surge? Find out now!
Indian Equity Market Hits Record Highs on Positive Economic Indicators
Indian equity markets, represented by the Sensex and the Nifty, soared to new record highs on March 1st, buoyed by a confluence of positive factors including robust GDP growth data, improved auto sales figures, and stable US inflation numbers. These developments have fueled optimism among investors regarding the possibility of a rate cut.
The latest quarterly GDP growth rate, revealed by the Ministry of Statistics and Programme Implementation on February 29th, surged to 8.4 percent in the December quarter. This marks the highest growth rate in six quarters, with the last similar level recorded in the first quarter of 2022-23 at 13.1 percent.
Must Read
Breaking News: CG Power’s Billion-Dollar Gamble in Semiconductor Revolution!
Paytm’s Desperate Measure to Save Its Future – To Separate From Paytm Payments Bank , Must Read Now!
Stock Market Today
The Nifty commenced the March series on a positive trajectory and continued to climb throughout the day, surpassing the 22,300 mark for the first time and achieving a new record high.
By the closing bell, the Sensex surged by 1,245.05 points, or 1.72 percent, reaching 73,745.35, while the Nifty climbed by 356.00 points, or 1.62 percent, ending at 22,338.80 – both registering their best closing figures to date.
For the week, the Sensex gained 0.8 percent and the Nifty added 0.5 percent, despite concerns surrounding weak core sector data for January and an enlarged fiscal deficit amounting to Rs 11.03 lakh crore over 15 months.
Sectoral Performance
Noteworthy gainers in the Nifty included Tata Steel, L&T, JSW Steel, Titan Company, and IndusInd Bank. Conversely, Dr. Reddy’s Laboratories, Sun Pharma, HCL Technologies, Infosys, and Britannia Industries were among the losers.
The metal index witnessed a substantial rise of 4 percent, while the auto, bank, capital goods, and oil & gas sectors saw gains of 2 percent each. However, the healthcare index experienced a decline of 1 percent, and the Information Technology index dipped by 0.5 percent.
Both the BSE midcap and smallcap indices added 0.5 percent each, indicating a broad-based rally across segments.
The Nifty Bank index surged by 2.5 percent or 1,166 points, closing at 47,286.90, with notable contributions from IndusInd Bank, ICICI Bank, and SBI, each rising by 3 percent.
SAIL, Tata Steel, and Jindal Steel observed a long build-up, while ICICI Lombard General Insurance Company, Zee Entertainment Enterprises, and Dr. Reddy’s Laboratories witnessed a short build-up.
Over 200 stocks touched their 52-week highs on the BSE, including prominent names like ICICI Bank, Tata Steel, M&M, Tata Motors, and Grasim Industries, among others, signaling a robust market sentiment.
The Indian equity market’s record-breaking performance on March 1st reflects investors’ optimism driven by favorable economic indicators. With strong GDP growth, improved sectoral performance, and positive sentiments, the market continues to exhibit resilience despite certain concerns, signaling a promising outlook for investors.
Bhaarat Bulletin’s Shikha Rai, Bimal Dev, and BSE/NSE have contributed to the above report
Also Read