Markets spike, hit new record highs after better than expected GDP numbers

In a fresh leg up to the market indices, the BSE sensex surged over 1,000 points to a fresh record high of 73,574 and Nifty topped 22,300 points for the first time.

This comes after the GDP numbers for the Oct-December quarter came in at a much more expected rate of 8.4%. The positive cues from the global markets also fuelled the rally.

“The main factor influencing the market today is likely to be the better-than-expected Q3 GDP growth number which has come at an impressive 8.4 per cent. However, it is important to note that the GVA has come on expected lines at 6.5 per cent. The difference between GDP growth and GVA is due to the excellent 32 per cent growth in net indirect taxes,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

Share Market Peaks

The market capitalisation of all the listed companies in the BSE increased by Rs 3.23 lakh crore to Rs 391.18 lakh crore.

The BSE’s 30-share Sensex opened at 72,606.31 on Friday, compared to the previous close of 72,500.3. The broader Nifty 50 opened at 22,048.3 as against Thursday’s close of 21,982.8.

At pre-open, the S&P BSE Sensex Index was up 106.02 points or 0.15% at 72,606.31 while the NSE Nifty 50 was at 22,048.30, up 65.50 points or 0.30%.

Sectorally, Nifty Metal led the gains, rising over 2%. It was followed by Nifty Auto, Bank, Energy and Infra which jumped up to 1.8%. However Nifty Media, pharma and IT were trading in red.