Indian Share Market Sensex Update: Nifty 50 index recaptured the psychological peak of 22,000 and touched an intraday high of 22,295.50 points, slightly missing the existing record high of 22,297.50. BSE Sensex opened with gains today and touched a new peak of 73,574.
Indian Share Market Sensex Update: After India’s excellent GDP in the third quarter of the current financial year, strong buying was seen in the stock market today. Except IT, tech and healthcare stocks, most sectors are in the green zone. According to stock market experts, there is a bullish trend in the Indian stock market as India’s strong GDP in the third quarter of the current financial year has brought back enthusiasm in banks and other PSU stocks. It was told that the expectation of release of US inflation data has also played a role in boosting the sentiments of Dalal Street bulls.
Nifty 50 index recaptured the psychological peak of 22,000 and touched an intraday high of 22,295.50, narrowly missing the existing record high of 22,297.50. BSE Sensex opened with gains today and touched a new peak of 73,574.
Top 5 reasons for the rise in stock market today
1. India’s GDP: The country’s economic growth rate in the third quarter of the financial year 2023-24 was 8.4 percent, which is the highest in five quarters. With this, the National Statistics Office (NSO) has increased the growth estimate for the entire financial year to 7.6 percent. Prime Minister Narendra Modi has also expressed his happiness over the increase in the economic disorder rate.
2. Stir in Banking and PSU: According to experts, recently some surveys have predicted the victory of BJP led NDA in the upcoming Lok Sabha elections. Due to this, enthusiasm has come back in banking and PSU shares.
3. Strong global cues: It was reported that after the release of in-line US inflation data, the S&P 500 and Nasdaq closed at record highs on Wall Street, which boosted global market sentiment.
4. Discussion of US Federal Rate Cut: After the surprising US inflation data, the discussion of US Federal Rate cut is gaining momentum. Therefore, US Treasury yields are expected to decline and people are expected to transfer money from bond and money markets to other assets, including equities.
5. Strong Indian economy: Experts say on how strongly the economy and stock markets are linked to each other, ‘As India’s GDP maintained growth of 8 per cent or more in all three quarters of the current financial year Therefore, the market expects 16 to 20 percent growth in Nifty 50 index in the current financial year.
