Monday, April 22, 2024

Sensex jumps more than 1,000 points on impressive GDP numbers


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New Delhi, March 1: BSE Sensex jumped more than 1,000 points on Friday reacting to India’s impressive GDP numbers.

Sensex was trading up by 1045.99 points up by 1.44 per cent at 73,549.64 points.

Metal stocks are top gainers with Tata Steel, JSW Steel up more than 4 per cent, L&T up 3 per cent, Titan up 3 per cent.

ICICI Bank, Tata Motors, Maruti, Indusind Bank, Powergrid are up 2 per cent.

The main factor influencing the market on Friday is likely to be the better-than-expected Q3 GDP growth number which has come at an impressive 8.4 per cent, says V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The impressive GDP numbers provide the fundamental support to the bull market. Large-caps like RIL, Bharti Airtel, L&T and ICICI Bank have the potential to lead the rally. Tepid private consumption numbers will be a drag on consumer staples stocks like HUL, he said.

The broad trend of the market, going forward, will be the outperformance of large-caps over the broader market, he added.

Devarsh Vakil – Deputy Head, of Retail Research, HDFC Securities said surpassing the expectations of analysts, India’s Gross Domestic Product (GDP) registered a robust growth of 8.4 per cent on an annual basis in the third quarter (October-December), as against 8.1 per cent in the previous quarter, data released by the National Statistical Office (NSO) showed Thursday. The number for Q1, Q2 FY24 has also been revised upwards to 8.2 per cent (against 7.8 per cent) and 8.1 per cent (against 7.6 per cent) respectively.



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