Sensex Soars to Record High After RBI Hikes GDP Growth Projection

Benchmark Sensex surged over 1,720 points, reaching a record high, following the Reserve Bank of India's GDP growth projection increase to 7.2% for 2024-25. The 30-share BSE Sensex hit an intra-day peak of 76,795.31, while the NSE Nifty rose by 498.8 points. IT, banking, realty, and auto stocks saw gains.

Benchmark Sensex soared by over 1,720 points, surpassing 2 per cent, to hit lifetime intra-day record highs on Friday. This bullish leap follows the Reserve Bank of India revising the GDP growth projection upwards to 7.2 per cent for 2024-25 from a previously estimated 7 per cent.

The 30-share BSE Sensex surged 1,720.8 points, reaching a record peak of 76,795.31 during day trade. Concurrently, the NSE Nifty climbed by 498.8 points to settle at 23,320.20.

IT, interest rate-sensitive bank stocks, as well as realty and auto shares traded with significant gains. Over the last two days, the BSE benchmark soared by a notable 2,995.46 points, representing a 4.15 per cent rise after Tuesday's stark drop.

On Friday, the Reserve Bank of India chose to maintain its policy rate, marking the eighth consecutive instance of no changes. RBI Governor Shaktikanta Das, in announcing the second bi-monthly monetary policy for the current fiscal year, affirmed that the Monetary Policy Committee (MPC) has decided to keep the repo rate steady at 6.5 per cent.

The Reserve Bank also raised the GDP growth projection for the current fiscal year to 7.2 per cent from 7 per cent, attributing the optimism to increased private consumption and a resurgence in rural demand.

All 30 Sensex companies traded positively, with Mahindra & Mahindra, Wipro, Tech Mahindra, UltraTech Cement, Tata Steel, and Infosys leading the gains.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)