Sensex up 400 points in early trade; Nifty above 22,100
Sensex and Nifty both opened in the green on Friday, with the BSE index nearing its record high once again.
The Indian stock market showed growth on Friday, March 1, with both NSE Nifty and BSE Sensex opening in the green.
BSE Sensex was up 400 points in early trade, nearing the 73,000 mark once again, while NSE Nifty crossed 22,000 on Friday morning, gaining nearly 150 points at 9:15 am.
At 9:17 am on March 1, Sensex jumped 417.77 points to 72,918.07 in early trade while Nifty climbs 142.85 points to 22,125.65. It is expected that both Sensex and Nifty will continue to rise throughout the day, closing in the green.
The major stocks that drove up Sensex today were Tata Steel, Tata Motors, JSW Steel, Mahindra & Mahindra, Larsen & Toubro, Power Grid, IndusInd Bank, Maruti, NTPC and ICICI Bank. Meanwhile, HCL Technologies, Infosys, Hindustan Unilever and Asian Paints were among the laggards during early trade hours.
At the opening bell, Tata Steel was up over 2 percent, being the top gainer of the day. Further, L&T ended up gaining 3 percent at 10 am, a day after commissioning its first hydrogen electrolyser in Gujarat.
India's economy grew by better-than-expected 8.4 per cent in the final three months of 2023 -- the fastest pace in one-and-half years.
The growth rate in October-December was higher than 7.6 per cent in the previous three years, and it helped take the estimate for the current fiscal (April 2023 to March 2024) to 7.6 per cent, according to the data released by the National Statistical Office (NSO) on Thursday.
The Indian stock market showed a spike on Friday after Asian indices and US markets closed in the green the day before, driving up stocks. Foreign Institutional Investors (FIIs) turned buyers on Thursday as they bought equities worth ₹3,568.11 crore, according to exchange data.
The main factor influencing the market today will be the better-than-expected Q3 GDP growth number which has come at an impressive 8.4 per cent, V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services told PTI.
(With inputs from PTI)
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