Domestic equities surge to new highs on better than expected GDP

Mumbai, March 1 Domestic equities surged to new highs after India's Q3 GDP saw an impressive growth rate of 8.4 per cent driven by robust manufacturing, highlighting the inherent strength and potential of the economy, Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, said on Friday.

The Sensex, which touched a fresh all-time high of 73,819.21 in intra-day trade, ended 1.72 per cent or 1,245.05 points higher at 73,745.35, while the Nifty closed at 22,338.75, up 355.95 points or 1.62 per cent.

The rally was supported by metals, financials, banking, oil & gas, and auto stocks, Khemka said.

Globally, investors were optimistic after US core PCE inflation edged lower to 2.8 per cent. This supported by healthy domestic data led Nifty to mark a new high above 22,300 levels, he said.

Vinod Nair, Head of Research at Geojit Financial Services, said that better than expected Q3FY24 GDP and ease in US inflation added buoyancy to both domestic and global markets. As the general elections draw closer, stellar economic growth data raised confidence among the investors for a pre-election rally, he said.

On the global front, in-line US personal consumption expenditure data and benign Euro zone inflation will influence the global central banks to take a dovish view on interest rates, he added.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor