Sensex hits all-time high, gains over 1,000 pts
Reacting to India’s impressive GDP numbers, on Friday, BSE Sensex jumped more than 1,000 points, and Sensex was trading up by 1045.99 points up by 1.44 percent at 73,549.64 points.
Metal stocks are top gainers with Tata Steel, and JSW Steel up more than 4 percent, L&T up 3 percent, and Titan up 3 percent.
ICICI Bank, Tata Motors, Maruti, IndusInd Bank, and Powergrid are up 2 percent.
The main factor influencing the market on Friday is likely to be the better-than-expected Q3 GDP growth number which has come at an impressive 8.4 percent, says V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
The impressive GDP numbers provide fundamental support to the bull market. Large-caps like RIL, Bharti Airtel, L&T, and ICICI Bank have the potential to lead the rally. Tepid private consumption numbers will be a drag on consumer staples stocks like HUL, he said.
The broad trend of the market, going forward, will be the outperformance of large-caps over the broader market, he added.
Devarsh Vakil – Deputy Head, of Retail Research, HDFC Securities said surpassing the expectations of analysts, India’s Gross Domestic Product (GDP) registered a robust growth of 8.4 percent on an annual basis in the third quarter (October-December), as against 8.1 percent in the previous quarter, data released by the National Statistical Office (NSO) showed Thursday. The number for Q1 and Q2 FY24 has also been revised upwards to 8.2 percent (against 7.8 percent) and 8.1 percent (against 7.6 percent) respectively.
[With Inputs from IANS]
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Indian sensex is easily manipulated & rigged system. So does all stock markets of the world. Stock trading itself is a gambling & to be banned. People want to gain without sweat, without genuine contribution to the manufacturing or consulting or banking activity. Such money will not stay with you.