Macro data buoys bourses

Mumbai: Benchmark equity indices Sensex and Nifty rallied more than one-and-a-half per cent to hit their lifetime highs on Friday helped by impressive GDP data and fresh foreign fund inflows.The 30-share BSE Sensex jumped 1,245.05 points or 1.72 per cent to reach 73,745.35 -- its all-time closing peak. During the day, it zoomed 1,318.91 points or 1.81 per cent to hit a record intra-day high of 73,819.21. The Nifty climbed 355.95 points or 1.62 per cent to settle at a new closing high of 22,338.75. During the day, it soared 370.5 points or 1.68 per cent to reach its intra-day record peak of 22,353.30.

“Better-than-expected Q3 FY24 GDP and ease in US inflation added buoyancy in both domestic and global markets. As the general election draws closer, stellar economic growth data raised confidence among investors for a pre-election rally. On the global front, in-line US personal consumption expenditure data and benign Euro zone inflation will influence global central banks to take a dovish view on interest rates,” said Vinod Nair, head (research), Geojit Financial Services.

In the broader market, the BSE midcap gauge jumped 0.89 per cent and smallcap index climbed 0.68 per cent. Among indices, metal zoomed 3.84 per cent, capital goods went up by 2.49 per cent, bankex climbed 2.48 per cent, auto advanced 2.23 per cent, energy (2.14 per cent), oil & gas (2.14 per cent), commodities (2.12 per cent) and industrials (1.91 per cent). IT and teck were the laggards. A total of 2,387 advanced while 1,451 declined and 109 remained unchanged.

A rally in global markets and auto sales numbers added to the positive momentum in the equity markets, analysts said. Among the Sensex firms, Tata Steel jumped over six per cent, while JSW Steel climbed more than four per cent.

Larsen & Toubro, Titan, Maruti, IndusInd Bank, ICICI Bank and Tata Motors were the other major gainers. HCL Technologies, Infosys and Tech Mahindra were the laggards. 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-a-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.