Stock markets bounce, Sensex hits record high during trading

After the monetary policy announcement by the RBI, the Indian stock markets saw a big jump on Friday, and this was the third consecutive day that the stock markets traded on a bullish note. The sensitive Bombay Stock Exchange (BSE) Sensex jumped over 1,700 points during trading to touch a record high of 76,795 points.

After the surge, the Sensex closed at 76693.36 with an increase of 2.16 per cent or 1618.85 points. On the other hand, NSE’s Nifty also closed up 2.05 percent or 468.75 points at 23290.15.

Investors have benefited around Rs 26 lakh crore in the last three days due to the surge in the stock market. On Friday, BSE’s market cap rose to Rs. 421 lakh crore, which on Tuesday was Rs. 395 lakh crore was.

By 12:50 pm, the BSE index Sensex was up 1,320 points or 1.76 percent at 76,394 points. If Friday’s gains so far are included, the Sensex is up 4,311 points or 5.91 percent after Tuesday’s decline.

Reserve Bank of India Governor Shaktikanta Das said that the Monetary Policy Committee (MPC) has decided to maintain the repo rate at 6.5 percent. Along with this, the central bank has increased the GDP estimate for the current financial year from 7 percent to 7.2 percent. At the same time, the retail inflation rate estimate for the fiscal year 2024-25 was kept unchanged at 4.5 percent.

Rajni Sinha, chief economist at CareAge Ratings, says the RBI has raised its growth forecast for fiscal 2025 to 7.2 percent. This shows that the growth rate remains strong. Recovery is also being seen in FMCG and auto sales.

On Friday, the market was bullish all around. Nifty Midcap rose 480 points or 0.92 per cent to 52,893 points and Nifty Smallcap gained 303 points or 1.81 per cent to 17,130 points.

All shares of the Sensex pack were trading in the green. Wipro, Bajaj Finance, Infosys, Tech Mahindra, Ultratech Cement, Bajaj Finserv and Power Grid were the top gainers.

Knight Frank Chairman and MD Shishir Baijal said today’s monetary policy is in line with our expectations. The central bank’s focus is on reducing inflation. Interest rates are expected to decline in calendar 2024, further supporting demand.

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