Indian shares opened sharply higher on Friday, with the BSE Sensex rallying over 300 points to hit fresh record highs and the NSE Nifty crossing the psychological 20,200 mark for the first time.
The early surge was powered by robust Q2 GDP data released yesterday, which showed the economy expanding 7.6% despite global headwinds. Auto, metal, and realty stocks saw robust buying while IT majors witnessed profit-taking.
By 9:33 am, the Sensex was trading 303 points higher at 67,299 levels with L&T, NTPC, Asian Paints, Powergrid, and Maruti leading the pack of gainers.
The 50-share Nifty also hit an all-time peak of 20,230 in initial deals, showing the positive sentiment around Indian equities after the strong growth figures.
Broader markets saw an even sharper uptick, with Nifty Midcap 50 and Nifty Midcap Select indices adding as much as 0.95% each in early trade.
“The GDP numbers display the resilience and strength of the Indian economy amid testing global times. This is a testimony to India’s growth story,” said Prime Minister Modi yesterday.
Market experts like Geojit Financial’s VK Vijaykumar noted the Q2 GDP data and exit polls predicting BJP’s good show in state elections were positive triggers that may sustain the market momentum going ahead.
Foreign investors have pumped in over Rs 8,100 crore this week on robust macros and INR has also appreciated about 10 paise against USD. Global cues however remain mixed amid recession fears in the West.
