Sensex and Nifty Soar to Record Highs on RBI's Upward GDP Projection

Benchmark indices Sensex and Nifty soared over 2% to new record highs after the RBI raised the GDP growth forecast for 2024-25 to 7.2%. The BSE Sensex jumped 1,720.8 points reaching a peak of 76,795.31, while Nifty climbed 498.8 points to 23,320.20 during the day.

On Friday, benchmark equity indices Sensex and Nifty surged over 2%, achieving record closing highs following the Reserve Bank of India's (RBI) upward revision of its GDP growth projection for 2024-25 to 7.2% from the earlier 7%.

The 30-share BSE Sensex soared 1,720.8 points, or 2.29%, reaching an intraday high of 76,795.31. It subsequently settled at 76,693.36, up 1,618.85 points, or 2.16%. Meanwhile, the NSE Nifty climbed 498.8 points, or 2.18%, to 23,320.20, before ending the day with a gain of 468.75 points, or 2.05%, at 23,290.15.

Driving the rally were sharp gains in IT and interest rate-sensitive bank, realty, and auto stocks. The RBI maintained its key interest rates, focusing on inflation amid robust economic growth, providing room for potential reforms by the new Modi government. The BSE benchmark regained the 75,000 level, ending at 75,074.51 on Thursday.

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