Stocks

Sensex soars 750 points as investors cheer Q3 GDP data

BL Internet Desk Chennai | Updated on March 01, 2021

Sensex ended up 749.85 points to close at 49,849.84, while Nifty gained 232.40 points to 14,761.55

The benchmark BSE Sensex surged nearly 750 points, and NSE Nifty rallied over 232 points on Monday as investors cheered the domestic economy returning to positive territory after two-quarters of contraction.

The 30-share BSE index briefly traded above the 50,000-mark during the mid-session before ending at 49,849.84, showing a rise of 749.85 points or 1.53 per cent.

Likewise, the NSE barometer Nifty settled with a gain of 232.40 points or 1.60 per cent at 14,761.55.

Of the Sensex constituents, 29 closed with gains.

Top performers were PowerGrid, ONGC, Ultratech Cement, Asian Paint, Kotak Bank and Titan – rising as much as 5.94 per cent.

After two consecutive quarters of contraction, the Indian economy has finally entered an expansionary path.

The Gross Domestic Product (GDP) grew 0.4 per cent in the October-December 2020 period compared with the same period a year back, data released by the National Statistics Office on Friday showed.

Analysts said the high-frequency indicators pointed towards the fact that the domestic economy is slowly entering the recovery path.

On Friday, the BSE Sensex had crashed 1,939.32 points or 3.80 per cent – its worst one-day fall since May 4 last year. Similarly, the broader NSE Nifty had plunged 568.20 points or 3.76 per cent – its biggest single-day drop since March 23 last year.

Foreign investors had sold equities worth Rs 8,295.17 crore on a net basis on Friday, as per exchange data.

Published on March 01, 2021

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