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Sensex hits record high on RBI's GDP upgrade

The IT sector, characterized by comfortable valuations, witnessed renewed investor interest, driving Nifty IT to a 3.5 percent surge on June 7. Leading players such as Infosys, Tech Mahindra, and TCS spearheaded the gains, propelling the sectoral index to its best performance in four years, with a rise of up to nine percent since the previous Friday.

News Arena Network - Mumbai - UPDATED: June 7, 2024, 04:21 AM - 3 mins read

In a week marked by tumultuous swings, the Indian stock market showcased resilience as the Sensex surged to record highs, posting its strongest performance of 2024.

Sensex hits record high on RBI's GDP upgrade

At the close of the week, the Sensex surged by 1,618 points or 2.2 percent to reach 76,693, while the Nifty 50 climbed by 468 points or 2.1 percent to 23,290.


In a week marked by tumultuous swings, the Indian stock market showcased resilience as the Sensex surged to record highs, posting its strongest performance of 2024.

 

At the close of the week, the Sensex surged by 1,618 points or 2.2 percent to reach 76,693, while the Nifty 50 climbed by 468 points or 2.1 percent to 23,290. The market breadth was overwhelmingly positive, with 2,586 shares advancing, 810 declining, and 80 remaining unchanged.

 

The benchmark indices recorded a remarkable 3 percent gain since the previous Friday, marking a notable recovery of up to 10 percent from the lows experienced on Tuesday, a day marred by election-related uncertainties that rattled investors.

 

The renewed confidence in the market was buoyed by clarity emerging on the formation of the government, with NDA allies voicing their support for PM-elect Narendra Modi to lead for a third term.

 

Vinod Nair, Head of Research at Geojit Financial Services, highlighted the impact of this political stability on market sentiment, stating, "The anticipation of stability within the coalition government at the centre, coupled with the RBI's upward revision of its growth forecast for FY25 to 7.2 percent, fueled a broad-based rally in the domestic market."

 

Analysts pointed to an unexpected rally in IT stocks as a significant factor contributing to the surge in the benchmarks.

 

The IT sector, characterized by comfortable valuations, witnessed renewed investor interest, driving Nifty IT to a 3.5 percent surge on June 7. Leading players such as Infosys, Tech Mahindra, and TCS spearheaded the gains, propelling the sectoral index to its best performance in four years, with a rise of up to nine percent since the previous Friday.

 

Despite the overall bullish sentiment, certain sectors such as PSU Bank and the PSU index ended the week lower. However, most sectoral indices, including Nifty Auto, Nifty Energy, Nifty Infra, Nifty Metal, and Nifty Realty, recorded gains of over 2 percent on Friday.

 

In the broader market, BSE Midcap closed with a gain of over 1 percent, while BSE Smallcap surged by over 2 percent, reflecting the widespread optimism among investors.

 

The surge in the market coincided with the Reserve Bank of India's Monetary Policy Committee's decision to maintain the policy rates unchanged at 6.5 percent for the eighth consecutive time.

 

The central bank also revised India's FY25 real GDP forecast upward to 7.2 percent from the earlier 7 percent, further bolstering economic optimism.

Related Tags:#Sensex#RBI
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