Nifty and Sensex hit fresh record highs on Friday – Crypto News – Crypto News
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Nifty and Sensex hit fresh record highs on Friday Nifty and Sensex hit fresh record highs on Friday

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Nifty and Sensex hit fresh record highs on Friday – Crypto News

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  • India’s Nifty and Sensex are rallying over 1.50% on Friday, underpinned by outstanding India’s GDP number.
  • Nifty and Sensex settled slightly higher on Thursday after losing over 1.0% a day before.
  • US Core PCE inflation came in line with estimates, India’s GDP blew out with 8.4% YoY in Q3.

The Sensex 30 and Nifty 50, India’s key benchmark indices, are surging on Friday, as traders cheer outstanding India’s growth numbers. Both Indian indices also track the global stock markets higher.

At the time of writing, the National Stock Exchange (NSE) Nifty 50 and Bombay Stock Exchange (BSE) Sensex 30 are rising about 1.60% on the day to trade at 22,334.80 and 73,661.01 respectively. Nifty 50 and Sensex 30 are sitting close to fresh all-time highs.

Stock market news

  • The top performers on Nifty this Friday are L&T, JSW Steel, ICICI Bank, Tata Steel and Titan. Meanwhile, the main losers were Apollo Hospitals, Sun Pharma, Dr. Reddy, HCL Tech and Infosys.
  • Shares of Auto, metal, power, bank and capital are up 1% to 3%.
  • L&T commissions Green Hydrogen Plant at A M Naik Heavy Engineering Complex in Hazira.
  • L&T is awarded contracts worth rs 13,368 crore for the supply of equipment to the Indian Air Force.
  • Bharti Airtel deployed additional sites in Thrissur district to densify its network. 
  • India’s manufacturing sector climbs to a five-month high of 56.9 in February.
  • India’s Gross Domestic Product (GDP) expanded by 8.4% on an annual basis in the third quarter (October-December), as against 7.6% in the previous quarter, data released by the National Statistical Office (NSO) showed Thursday.
  • The US stock markets closed higher on Thursday after the key US Personal Consumption Expenditures (PCE) Price Index increased 0.4% for the month and 2.8% from a year ago, as expected.
  • Markets are currently pricing in just about a 20% chance that the US Federal Reserve (Fed) could begin easing rates in May, much lower than an over 90% chance a month ago, according to the CME FedWatch Tool. For the June meeting, the probability for a rate cut now stands at about 62%, down from 70% seen a week ago.
  • Attention now turns toward the US ISM Manufacturing PMI for fresh trading incentives.
  • A special stock market live trading session will be conducted by NSE and BSE on Saturday, March 2.

Sensex FAQs

The Sensex is a name for one of India’s most closely monitored stock indexes. The term was coined in the 1980s by analyst Deepak Mohoni by mashing the words sensitive and index together. The index plots a weighted average of the share price of 30 of the most established stocks on the Bombay Stock Exchange. Each corporation’s weighting is based on its “free-float capitalization”, or the value of all its shares readily available for trading.

Given it is a composite, the value of the Sensex is first and foremost dependent on the performance of its constituent companies as revealed in their quarterly and annual results. Government policies are another factor. In 2016 the government decided to phase out high value currency notes, for example, and certain companies saw their share price fall as a result. When the government decided to cut corporation tax in 2019, meanwhile, the Sensex gained a boost. Other factors include the level of interest rates set by the Reserve Bank of India, since that dictates the cost of borrowing, climate change, pandemics and natural disasters

The Sensex started life on April 1 1979 at a base level of 100. It reached its highest recorded level so far, at 73,328, on Monday, January 15, 2024 (this is being written in Feb 2024). The Index closed above the 10,000 mark for the first time on February 7, 2006. On March 13, 2014 the Sensex closed higher than Hong Kong’s Hang Seng index to become the major Asian stock index with the highest value. The index’s biggest gain in a single day occurred on April 7, 2020, when it rose 2,476 points; its deepest single-day loss occurred on January 21, 2008, when it plunged 1,408 points due the US subprime crisis.

Major companies within the Sensex include Reliance Industries Ltd, HDFC Bank, Axis Bank, ITC Ltd, Bharti Airtel Ltd, Tata Steel, HCL Technologies, Infosys, State Bank of India, Sun Pharma, Tata Consultancy Services and Tech Mahindra.

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