Leaders Online: On Friday, the stock market rose on the back of the GDP data showing that the Indian economy is strong. The Sensex rose 700 points to 73,200 in early trade. At 10.30 am, the Sensex was up 725 points at 73,226. While the Nifty rose by 223 points to 22,200.
The Economic TimesThe market capitalization of BSE-listed companies increased by Rs 3.23 lakh crore to Rs 391.18 lakh crore on the back of the initial rally in the market, reports .
JSW Steel, Tata Steel, LT, Tata Motors, Titan, ICICI Bank, NTPC, IndusInd Bank, Power Grid, Bajaja Finance are the top gainers on the Sensex. While Infosys, HCL Tech shares are showing minor decline.
On the sectoral front, Nifty Auto rose 1 percent. The Nifty Metals, PSU Bank and Oil & Gas indices also rose around 1 percent each. Nifty Midcap 100 and Nifty Smallcap 100 are also trading in green.
GDP rate at 8.4 percent
India's gross national income (GDP) grew by 8.4 percent in the quarter ended December 31, 2023, the central government said. The government has said that the country's GDP will increase to 7.6 percent in the current year 2023-24. In the wake of the Lok Sabha elections, the Central Statistics Office (NSO) released the GDP report on Thursday. According to this, India's growth rate has remained at 7 percent in the last financial year.
The growth rate has reached 8.4 percent in the quarter ended December 31. For the first time in the last one and a half years, the GDP has reached a high level. The GDP in October-December quarter is higher than last year's GDP rate. The GDP had reached 7.6 percent in the last three years. The growth rate will be better than the Reserve Bank of India's estimate. It has also been said that the current year will see boom in the construction and manufacturing sector, which will help to boost the development rate. After the NSO report, Prime Minister Narendra Modi expressed his reaction that the statistics of the statistics department show that the Indian economy is strong.
A global positive signal
After the US indices closed higher yesterday, the Asian market is also showing a positive trend. Japan's Nikkei hit a new record high on Friday.
Buying mood of foreign investors
Foreign institutional investors are showing a buying mood in the Indian market. On Thursday, foreign investors bought shares worth Rs 3,568 crore, while domestic institutional investors sold shares worth Rs 230 crore. After withdrawing around Rs 25,000 crore from the domestic stock market in the previous month, he bought Indian shares worth Rs 5,107 crore in February.
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