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At 12:08 PM, BSE Sensex was trading at 73,476.97, up 976.67 points or 1.35%.Nifty50 was at 22,278.70, up 295.90 points or 1.35%. The market capitalisation of all listed companies on the BSE increased by Rs 3.23 lakh crore to reach Rs 391.18 lakh crore, according to an ET report.
Why BSE Sensex, Nifty50 rallied today:
Several factors contributed to this remarkable rally in the stock market.
Firstly, the Indian economy showcased solid growth in the October-December quarter, with a GDP growth rate of 8.4%. This exceeded expectations and was primarily driven by robust manufacturing and construction activity. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that the impressive GDP numbers provided strong support to the bull market.
Furthermore, positive global cues also played a significant role in boosting investor sentiment. Wall Street equities closed higher, with the S&P 500 and Nasdaq Composite reaching record highs. This was mainly due to in-line US inflation data, which kept intact the possibility of a June interest rate cut. Similarly, Japan’s Nikkei touched a new record high, while other Asian markets remained cautious due to uncertainties surrounding China’s economic outlook.
Analysts highlighted that the US inflation reading, which was in line with expectations, further bolstered market sentiment. It increased the likelihood of a rate cut by the Federal Reserve in June.
Foreign institutional investors (FIIs) also contributed to the market rally by net buying shares worth Rs 3,568 crore. In contrast, domestic institutional investors sold shares worth Rs 230 crore. FIIs have been buyers of domestic stocks in March on eight occasions out of the past ten years.
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