Mumbai: India's benchmark Sensex soared by over 1,720 points, an increase of more than 2 percent, to hit a lifetime intra-day record high on Friday. This bullish momentum follows the Reserve Bank of India's (RBI) decision to revise the GDP growth projection upwards for the fiscal year 2024-25 to 7.2 percent from the earlier estimate of 7 percent.
The 30-share BSE Sensex climbed 1,720.8 points to reach an unprecedented peak of 76,795.31 during intraday trading. Similarly, the NSE Nifty surged by 498.8 points, marking a significant rise to 23,320.20.
This rally marks a significant recovery from the market volatility experienced earlier in the week. Over the past two days, the BSE benchmark has surged by 2,995.46 points, equivalent to a 4.15 percent gain, rebounding strongly from the massive rout observed on June 4, when votes for the general election were counted. The plunge followed record highs days earlier when exit polls predicted a landslide win for the BJP-led NDA alliance.
As per reports, market analysts have attributed this positive market sentiment to the optimistic GDP growth projection and the RBI’s steady stance on interest rates, which have bolstered investor confidence. In its latest monetary policy review, the RBI decided to maintain the policy rate unchanged for the eighth consecutive time, underscoring its commitment to keeping a close watch on inflationary pressures.
ALSO READ: World Food Safety Day celebration in Guwahati suggests 'better lifestyle' remedy
FIRST Business Portal addressing the potential of business capability of North East Region.
