New Delhi: Investor wealth increased by Rs 28.65 lakh crore in a three-day rally in stock markets on Friday, leading to the benchmark Sensex closing at a record high with a gain of 4,614.31 points or 6.40 per cent.
The sharp rise in stock markets comes after Tuesday's devastation in which investors' wealth worth more than Rs 31 lakh crore was wiped out in a single day as markets fell after the election results fell short of expectations.
On Friday, the 30-share BSE Sensex jumped 1,720.8 points or 2.29 per cent to reach a new record high of 76,795.31 in intraday trading. The benchmark closed at 76,693.36, up 1,618.85 points or 2.16 per cent.
NSE Nifty closed at 23,290.15 with a jump of 468.75 points or 2.05 per cent.The market capitalization of BSE-listed companies rose by Rs 28,65,742.36 crore to Rs 4,23,49,447.63 crore (US$ 5.08 trillion) in three days, following a significant improvement in equities.
"Domestic markets ignored weak global cues as investors appreciated RBI's higher growth forecast for FY2025 in its credit policy announcement, which pushed Sensex above 76k points largely on broad-based buying support. Reached a fresh all-time high.
"Furthermore, timely arrival of monsoon rains and its spread across the country has raised hopes of moderation in inflation. With the election uncertainty now over and the NDA party likely to form the government, investors are hopeful that Action will be taken Now we turn to reforms and the upcoming Union Budget,” said Prashant Tapse, senior vice president (research), Mehta Equities Ltd.
The Reserve Bank of India (RBI) left its key interest rates unchanged on Friday as expected, likely to provide the new Modi government room for reforms while focusing on inflation amid strong economic growth.Governor Shaktikanta Das said the Monetary Policy Committee, comprising three RBI and equal number of external members, kept the repo rate unchanged at 6.50 per cent for the eighth consecutive policy meeting and stuck to its relatively hawkish stance of "withdrawal requirement". doing. In his statement.
With the Indian economy, Asia's third largest, growing faster than last year, the RBI has raised its GDP growth forecast for the current fiscal year to March 2025 to 7.2 per cent from 7 per cent, While the inflation estimate has been maintained at 4.5 percent. ,
On Friday, all 30 Sensex companies closed in the positive zone, with Mahindra & Mahindra, Wipro, Tech Mahindra, Bharti Airtel, Infosys and Tata Steel being the biggest gainers.
"This week, the market experienced extreme volatility, with investor sentiments fluctuating. The RBI decided to keep the repo rate unchanged at 6.5 per cent, while also increasing the growth rate from 7 per cent to 7.2 per cent.cents, boosted market sentiment, indicating solid performance for the domestic economy,” said Vikram Cassatt, head of advisory at Prabhudas Lilladher Pvt Ltd.
In the broader market, the BSE Smallcap index rose 2.18 per cent and the Midcap index rose 1.28 per cent.
All the indices closed in positive territory. Telecom grew by 3.78 per cent, IT rose by 3.38 per cent, tech (3.33 per cent), auto (2.53 per cent), utilities (2.18 per cent), metals (2.15 per cent), energy (1.99 per cent) and consumer discretionary (1.94 per cent). Percent).
On the BSE, 2,890 shares advanced, while 970 declined and 92 shares remained unchanged.
“Expectations of stability within the coalition government at the Centre, along with the RBI raising its growth forecast for FY2025 to 7.2 per cent, fueled a broad-based rally in the domestic market.The Indian market surpassed its previous record high set on the exit-poll day and hit a new peak,” said Vinod Nair, head of research at Geojit Financial Services.
In an eventful week, BSE benchmark Sensex jumped 2,732.05 points or 3.69 per cent and Nifty jumped 759.45 points or 3.37 per cent.
The sharp rise in stock markets comes after Tuesday's devastation in which investors' wealth worth more than Rs 31 lakh crore was wiped out in a single day as markets fell after the election results fell short of expectations.
On Friday, the 30-share BSE Sensex jumped 1,720.8 points or 2.29 per cent to reach a new record high of 76,795.31 in intraday trading. The benchmark closed at 76,693.36, up 1,618.85 points or 2.16 per cent.
NSE Nifty closed at 23,290.15 with a jump of 468.75 points or 2.05 per cent.The market capitalization of BSE-listed companies rose by Rs 28,65,742.36 crore to Rs 4,23,49,447.63 crore (US$ 5.08 trillion) in three days, following a significant improvement in equities.
"Domestic markets ignored weak global cues as investors appreciated RBI's higher growth forecast for FY2025 in its credit policy announcement, which pushed Sensex above 76k points largely on broad-based buying support. Reached a fresh all-time high.
"Furthermore, timely arrival of monsoon rains and its spread across the country has raised hopes of moderation in inflation. With the election uncertainty now over and the NDA party likely to form the government, investors are hopeful that Action will be taken Now we turn to reforms and the upcoming Union Budget,” said Prashant Tapse, senior vice president (research), Mehta Equities Ltd.
The Reserve Bank of India (RBI) left its key interest rates unchanged on Friday as expected, likely to provide the new Modi government room for reforms while focusing on inflation amid strong economic growth.Governor Shaktikanta Das said the Monetary Policy Committee, comprising three RBI and equal number of external members, kept the repo rate unchanged at 6.50 per cent for the eighth consecutive policy meeting and stuck to its relatively hawkish stance of "withdrawal requirement". doing. In his statement.
With the Indian economy, Asia's third largest, growing faster than last year, the RBI has raised its GDP growth forecast for the current fiscal year to March 2025 to 7.2 per cent from 7 per cent, While the inflation estimate has been maintained at 4.5 percent. ,
On Friday, all 30 Sensex companies closed in the positive zone, with Mahindra & Mahindra, Wipro, Tech Mahindra, Bharti Airtel, Infosys and Tata Steel being the biggest gainers.
"This week, the market experienced extreme volatility, with investor sentiments fluctuating. The RBI decided to keep the repo rate unchanged at 6.5 per cent, while also increasing the growth rate from 7 per cent to 7.2 per cent.cents, boosted market sentiment, indicating solid performance for the domestic economy,” said Vikram Cassatt, head of advisory at Prabhudas Lilladher Pvt Ltd.
In the broader market, the BSE Smallcap index rose 2.18 per cent and the Midcap index rose 1.28 per cent.
All the indices closed in positive territory. Telecom grew by 3.78 per cent, IT rose by 3.38 per cent, tech (3.33 per cent), auto (2.53 per cent), utilities (2.18 per cent), metals (2.15 per cent), energy (1.99 per cent) and consumer discretionary (1.94 per cent). Percent).
On the BSE, 2,890 shares advanced, while 970 declined and 92 shares remained unchanged.
“Expectations of stability within the coalition government at the Centre, along with the RBI raising its growth forecast for FY2025 to 7.2 per cent, fueled a broad-based rally in the domestic market.The Indian market surpassed its previous record high set on the exit-poll day and hit a new peak,” said Vinod Nair, head of research at Geojit Financial Services.
In an eventful week, BSE benchmark Sensex jumped 2,732.05 points or 3.69 per cent and Nifty jumped 759.45 points or 3.37 per cent.
