The Reserve Bank of India (RBI) revised upwards the GDP growth projection to 7.2 per cent for 2024-25 from 7 per cent earlier
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The Indian stock market ended the week on a high note, with both benchmark indices closed in the green. The 30-share BSE Sensex clocked in a fresh lifetime high, while the broader Nifty 50 closed over 2 per cent up.
Sensex today
BSE Sensex soared over 1,720.8 points to hit a record high of 76,795.31 during the day’s trade.
The index ended 2.16 per cent or 1,618.85 points up at 76,693.36.
In the last two days, the BSE benchmark surged 2,995.46 points or 4.15 per cent after the counting day on June 4 when the stock market witnessed bloodbath.
The top gainers in the Sensex pack on June 7 were M&M, Wipro, Tech Mahindra, Infosys and UltraTech Cement. SBI Life Insurance and Tata Consumer Products were the top laggards.
All the sectoral indices ended in the green with auto, IT, power, telecom, metal up 2-3 per cent.
Nifty today
Meanwhile, NSE Nifty rose by 498.8 points to an intraday high of 23,320.20 before closing up 2.05 per cent or 468.75 points at 23,290.15.
Market capitalisation
The total market capitalisation of all companies listed on the BSE increased by Rs 7.68 lakh crore, reaching Rs 423.57 lakh crore.
The BSE midcap index gained 1.2 per cent while the smallcap index rose 2 per cent.
Reasons of Sensex, Nifty surge
The Indian stock market ended up over 2 per cent after Reserve Bank of India (RBI) revised upwards the GDP growth projection to 7.2 per cent for 2024-25 from 7 per cent earlier.
The central bank RBI kept repo rate unchanged for the eighth consecutive time at 6.5 per cent.
“The anticipation of stability within the coalition government at the Centre, coupled with the RBI’s upward revision of its growth forecast for FY25 to 7.2 per cent, fuelled a broad-based rally in the domestic market,” Vinod Nair, Head of Research, Geojit Financial Services, said.
“Though the last mile towards the inflation target remains sticky, investors are expecting the MPC to be one step closer to the easing cycle,” Nair further said.
“On the weekly chart, the Nifty formed a dragonfly doji candlestick pattern, engulfing the previous 23 weekly candles, indicating strong bullishness in the benchmark index,” Mandar Bhojane, Equity Research Analyst at Choice Brokerage said.
“The Relative Strength Index (RSI) stands at 66.8, indicating a strong uptrend… traders and investors are encouraged to consider buying opportunities during Nifty dips and implement a suitable stop-loss strategy below the mentioned support levels,” Bhojane added.