March-1, Indian stock markets posted strong gains on Friday, with the BSE Sensex rising over 1,000 points in early trade to hit a new record high.
The Sensex rose about 1,055 points on March 1 to reach an all-time high of 73,574 points. This happened at a time when its NSE counterpart, Nifty50, also crossed the 22,300 mark for the first time ever and reached an all-time high.
The 1000-point rise in the BSE index has led to a significant increase in the market capitalization of all listed companies, with market capitalization increasing by Rs 3.23 billion on Friday morning. The total market value of all Sensex-listed companies is now Rs 391.80 crore.
One of the main reasons for the rise in Indian stock markets on Friday was that India’s economic growth rate rose to over 8.4% in the quarter ending December 2023, the highest growth rate in the last six quarters.
Gross domestic product (GDP) rose 8.4% year-on-year, the Statistics Ministry said on Thursday, supported by strong private sector investment and growth in service spending. The GDP statistics for the past two quarters have also been revised to over 8%.
Not only this, the rise in Sensex and Nifty was also due to the rise in stock indexes in global markets, especially in the US and Asia.