The benchmark Sensex witnessed a remarkable surge, soaring by more than 1,720 points or over 2 per cent to achieve lifetime intra-day record highs on Friday. This surge was fueled by the Reserve Bank of India's upward revision of the GDP growth projection to 7.2 per cent for 2024-25, up from the earlier forecast of 7 per cent.
In a significant rally, the 30-share BSE Sensex surged by 1,720.8 points, reaching a record peak of 76,795.31 during the day's trade, while the NSE Nifty rose by 498.8 points to 23,320.20.
Stocks in the IT sector and interest rate-sensitive sectors such as banking, real estate, and automotive were trading positively. Over the past two days, the BSE benchmark has witnessed a surge of 2,995.46 points or 4.15 per cent following Tuesday's significant downturn.
The Reserve Bank of India (RBI), in its monetary policy announcement on Friday, opted to maintain the policy rate unchanged for the eighth consecutive time, emphasizing its commitment to closely monitoring inflation. RBI Governor Shaktikanta Das, while announcing the second bi-monthly monetary policy for the current fiscal year, highlighted the MPC's decision to retain the repo rate at 6.5 per cent.
Furthermore, the RBI revised its GDP growth projection for the ongoing fiscal year to 7.2 per cent, citing the increase in private consumption and the resurgence of demand in rural areas. In a positive trend, all 30 Sensex companies were trading in the green, with Mahindra & Mahindra, Wipro, Tech Mahindra, UltraTech Cement, Tata Steel, and Infosys emerging as the top gainers.