New Delhi: The Bombay Stock Exchange (BSE) Sensex surged by more than 200 points on Thursday, propelled by robust domestic indicators.
Notable gains were observed among Sensex constituents, with Powergrid registering an increase of over 3 percent. Additionally, Tata Motors, Asian Paints, Sun Pharma, Tata Steel, M&M, Nestle India, and HDFC Bank each recorded gains exceeding 1 percent.
The BSE Sensex was observed trading at 74,739 points, marking an increase of 256 points.
Commenting on the market trends, V. K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted a mix of signals as trading commenced in May. Despite cautious sentiments stemming from Federal Reserve commentary, Vijayakumar emphasized a predominance of positive factors over negative ones.
He highlighted the resilience of domestic indicators, notably citing the record-breaking GST collection of Rs 2.1 trillion in April, indicative of a buoyant economy. Projections suggest a robust growth trajectory, with an estimated GDP expansion of 7.6 percent in FY24, expected to persist with growth rates surpassing 7 percent in FY25.
Vijayakumar pointed out a noteworthy divergence in performance between the S&P 500 and Nifty indices in April, with the latter exhibiting resilience amidst global market volatilities.
Furthermore, he underscored the implications of a substantial 5 percent decline in crude oil prices, outlining its adverse impact on ONGC while positing potential benefits for industries reliant on petroleum derivatives such as tires, paints, and adhesives.
