Sensex rises to record high
The Indian stock market surged after the Reserve Bank of India (RBI) chose to maintain the policy rate steady for the eighth time in a row. The 30-share Sensex rose more than 1,600 points to a new high of 76,787 points, while the Nifty gained more than 450 points during the day.
This is the third consecutive session of increases after initial trends during vote counting triggered a major fall on Tuesday. The Sensex, the BSE benchmark, has risen 2,995.46 points, or 4.15 percent, during the previous two sessions, wiping out the majority of the losses from the counting day.
Today, all Sensex stocks climbed. Wipro, Infosys, Tech Mahindra, Bajaj Finserv, Tata Steel, and Tata Consultancy Services were among the top gainers on the Sensex.
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RBI raises GDP growth forecast for FY25 to 7.2%
The stock market rallied when the RBI revised its GDP growth forecast for FY25 to 7.2%, up from 7% previously. For the eighth straight time, the RBI held interest rates at 6.5%.
Stocks in interest-rate-sensitive industries, including as banking, finance, automotive, and real estate, rose by up to 8% after the RBI stated that interest rates would remain unchanged.
The total market capitalisation of all companies listed on the BSE increased by Rs 7.68 lakh crore to Rs 423.57 lakh crore.
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Tech Mahindra, Wipro, Infosys among top gainers
IT and bank stocks were among the top performers, with the technology sector leading the way.
Wipro rose by more than 5%, Infosys by 3%, and Tech Mahindra, TCS, and HCL Tech each gained 2-3%.
Other significant Sensex gainers were Bajaj Finance, Ultratech Cement, and Tata Steel. Reliance played an important part in the rise, adding 192 points to the Sensex.
Following the RBI’s decision, real estate shares rose by up to 8%. Sunteck Realty and Soba both gained by 8%, while Brigade, Lodha, and Mahindra Lifespace experienced increases of 2-5%.
