The benchmark Sensex soared by more than 1,720 points, or over 2 percent, to hit a lifetime intra-day record high on Friday. This surge followed the Reserve Bank of India’s (RBI) announcement to revise the GDP growth projection upwards to 7.2 percent for the fiscal year 2024-25, up from the previous estimate of 7 percent.
The 30-share BSE Sensex rocketed 1,720.8 points, reaching an unprecedented peak of 76,795.31 during day trading. Similarly, the NSE Nifty experienced a significant rise, climbing 498.8 points to settle at 23,320.20. This bullish trend was driven by gains in IT, banking, realty, and auto stocks, which are sensitive to interest rates.
This remarkable upswing over the past two days has seen the BSE benchmark surge by 2,995.46 points, or 4.15 percent, recovering strongly from Tuesday’s massive rout.
On the monetary policy front, the RBI announced it would keep the policy rate unchanged for the eighth consecutive time, maintaining a vigilant stance on inflation.
Also Read: Markets crash by nearly 4,000 points amid Lok Sabha elections vote counting
During the announcement of the second bi-monthly monetary policy for the current financial year, RBI Governor Shaktikanta Das confirmed that the Monetary Policy Committee (MPC) has decided to keep the repo rate steady at 6.5 percent.
The upward revision in GDP growth projection to 7.2 percent was attributed to rising private consumption and a revival of demand in rural areas. All 30 Sensex companies were trading positively, with Mahindra & Mahindra, Wipro, Tech Mahindra, UltraTech Cement, Tata Steel, and Infosys emerging as the biggest gainers.
Read all the World News, Business News, Sports News, Entertainment News, Business News and Opinion here. Follow us on Facebook, Twitter and Instagram
