Market Update: Nifty and Sensex Rally Over 1% on Strong Economic Growth and Global Trends

1 Mar 2024 , 01:27 PM

On March 1, benchmark indices Nifty and Sensex surged over 1% as the market reacted positively to faster-than-expected domestic economic growth and in-line U.S. inflation data. Global market trends further fueled the rally, bringing Nifty closer to its all-time high.

The stock market witnessed robust buying following the release of strong GDP growth data for India’s third quarter of the current fiscal year. Most sectors saw gains, except for IT and healthcare stocks. The ease in U.S. inflation has also contributed to boosting the confidence of Dalal Street bulls.

The Nifty 50 index surpassed the psychological 22,000 mark, reaching an intraday high of 22,295.50, just shy of the existing record high of 22,297.50. The BSE Sensex opened higher, reaching a new peak of 73,574.

At the time of writing, the Sensex was trading at ₹73,492, reflecting a 1.37% increase from the previous close, while the Nifty was at ₹22,290, showing a 1.40% gain.

Sector-wise, Nifty Metal led the gains with a rise of over 2%, followed by Nifty Auto, Bank, Energy, and Infra, which saw increases of up to 1.8%. Top gainers include Sail (6.81%), Vodafone Idea (5.29%), Tata Steel (5.29%), Jindal Steel (4.88%). Top losers are Berger Paints (-3.80%), ICICI Lombard (-3.52%), Voltas (-2.50%), Zee Entertain (-2.14%).

However, Nifty Media experienced losses, falling over 1%, while Nifty IT and Pharma were also trading in the red.

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