Sensex surges over 1000 points, hits record 73,574

PTC News Desk: The BSE Sensex witnessed a remarkable surge, climbing over 1000 points on Friday, reaching an unprecedented peak of 73,574 during early trading.

In a significant rally, the Indian stock market experienced a surge of over 1000 points in the BSE Sensex during the initial trading hours, achieving a historic high at 11:45 am. On March 1st, the Sensex surged by approximately 1,055 points, marking a record high at 73,574 points. This coincides with the NSE counterpart Nifty50 also reaching an all-time high, surpassing the 22,300 mark for the first time ever.

The 1000-point rally in the BSE index contributed to a substantial increase in the market capitalisation of all listed companies, which surged by Rs 3.23 lakh crore on Friday morning. The collective market value of all Sensex-listed companies now stands at Rs 391.18 lakh crore.

One of the primary catalysts behind Friday's stock market rally in India is the country's economic growth, which surged past 8.4 per cent in the quarter ending December 2023, marking the highest growth rate recorded in the last six quarters.

Also Read: PM Modi chairs late-night BJP meeting to finalise Lok Sabha candidates

Also Read: 6 rebel Himachal Congress MLAs to challenge disqualification in High Court

According to the Statistics Ministry, gross domestic product (GDP) rose by 8.4 per cent compared to the previous year, propelled by robust private-sector investment and an upturn in services spending. Additionally, GDP figures for the preceding two quarters were also revised upwards to above 8 per cent.

Furthermore, the surge in Sensex and Nifty can be attributed to a rise in global markets, particularly in the United States and Asian stock indices. Wall Street, Nasdaq, and Japan's Nikkei exhibited remarkable growth in the last session, bolstering Indian markets.

Also Read: LPG gas cylinders price hike: Commercial gas cylinder gets costlier, check new prices

Also Read: GDP surpasses estimates, economy set to expand 7.6% in 3rd quarter

(Inputs from agencies)

-

Join Whatsapp Channel