Topping the list of Nifty gainers were Tata Steel, L&T, JSW Steel, Titan Company, and IndusInd Bank, driving the market surge. Conversely, Dr Reddy’s Laboratories, Sun Pharma, HCL Technologies, Infosys, and Britannia Industries faced setbacks, emerging as the top losers in today’s trading session.
On March 1, Indian equity benchmarks, the Sensex and the Nifty, soared to unprecedented levels buoyed by several positive factors. The markets responded favorably to better-than-expected GDP data, along with encouraging auto sales figures and in-line US inflation figures. This positive momentum has reignited hopes of a potential rate cut, contributing to the bullish sentiment in the market.
India’s gross domestic product (GDP) recorded a robust growth of 8.4 percent in the December quarter, as per data released by the Ministry of Statistics and Programme Implementation on February 29. This marks the highest quarterly GDP growth rate seen in six quarters, with the last instance of faster growth recorded in the first quarter of 2022-23, at 13.1 percent.
The buoyant economic data had a notable impact on the stock market, with the Sensex closing up 1,245.05 points, or 1.72 percent, at 73,745.35, and the Nifty up 356.00 points, or 1.62 percent, at 22,338.80. This marks their highest closing levels to date.
The Nifty kicked off the March series on a positive note and sustained its upward trajectory throughout the day, surpassing the 22,300 mark for the first time and hitting a record high. The optimistic market sentiment was fueled by the encouraging GDP growth figures and positive economic outlook.
Despite significant economic indicators, the Sensex managed to secure a 0.8 percent gain, while the Nifty saw a modest increase of 0.5 percent for the week.
However, market sentiment appeared resilient despite concerning data points, including a 15-month weak core sector performance in January and a widened fiscal deficit amounting to Rs 11.03 lakh crore. Investors seemingly brushed aside these factors, focusing instead on other positive market drivers.