Nifty hits an all-time high driven by strong Q2 GDP growth, renewed FPI interest

Indian stock market opened with strong gains on Friday, with the Nifty Fifty hitting an all time high. Better than expected economic growth during the second quarter and a resurgence in Foreign Portfolio Investor (FPI) contributions boosted the sentiment on Dalal Street. The Nifty climbed almost 100 points, touching 20,229.

The Sensex gained over 300 points to rise to around 67,300.Among the notable winners driving the Nifty up were NTPC, Apollo Hospitals, UltraTech Cement, IndusInd Bank, and Asian Paints. Conversely, Bajaj Auto, Wipro, Axis Bank, HDFC Bank, and ICICI Bank faced declines, tempering the overall gains.

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India's Q2FY24 GDP surges 7.6%

India's economic landscape has shown remarkable resilience as the Gross Domestic Product (GDP) surged by 7.6% in the second quarter (July-September) of the fiscal year 2023-24, as per the latest data unveiled by the National Statistical Office (NSO) on Thursday. This notable growth outpaced the projections set by financial analysts, marking a substantial upturn for the nation.

The figures depict a significant improvement compared to the previous year, with the year-on-year (YoY) growth standing at 6.2%. On a quarter-on-quarter (QoQ) basis, the growth stood slightly below at 7.8%, signaling a robust economic recovery trajectory.