Sensex and Nifty surge more than 2% and investors gain around Rs7tr in a single trading session
MUMBAI: Indian stock indices reached fresh peaks on Friday (June 7) as Prime Minister Narendra Modi was elected as the leader of NDA Parliamentary party and due to RBI’s monetary policy announcements.
The Sensex and Nifty surged more than 2 per cent and investors gained around Rs7 trillion in a single trading session on Friday, with the BSE market cap touching Rs423 trillion.
In just three trading sessions, investors saw a remarkable turnaround, regaining Rs28 trillion of the over Rs30 trillion losses they had previously incurred.
Closing at 76,693 points with a 1,618-point increase, the Sensex performed strongly, while the Nifty ended the day at 23,290 points, marking a 468-point rise.
The Monetary Policy Committee (MPC) of the Central Bank opted to maintain policy rates at 6.5 per cent for the eighth consecutive time. Additionally, the RBI revised India’s real GDP forecast for FY25 to 7.2 per cent, up from the previous 7 per cent estimate.
The Bank Nifty also saw a significant increase of 511 points, closing at 49,803 points, reflecting a 1.04 per cent rise. Market analysts attribute this positive momentum to the expected stability within the coalition government at the Centre and the RBI’s improved growth forecast for FY25.
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