Sensex hits record high just days after stock market crash on counting day
PTC News Desk: Benchmark Sensex reached all-time intraday record highs today, rising by more than 1,720 points, or more than 2%. This occurs concurrently with an upward revision to the Reserve Bank of India's (RBI) GDP growth prediction for 2024–25, which was previously increased to 7%.
During day trade, the 30-share BSE Sensex surged 1,720.8 points to reach a record high of 76,795.31, while the NSE Nifty gained 498.8 points to 23,320.20. The BSE benchmark has risen 2,995.46 points, or 4.15 percent, during the last two days following the stock market's catastrophic meltdown on June 4th, the counting day.
For the eighth consecutive occasion, the RBI opted to leave the policy rate steady, stating that it will continue to closely monitor inflation.
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For the eighth consecutive day, the Reserve Bank of India (RBI) retained the prime lending rate at 6.5% this morning, announcing that it will continue to closely monitor inflation.
As the BJP failed to secure a clear majority in the Lok Sabha Elections, the markets had dropped by around 6% on the day of counting. Tuesday saw Sensex settle at 72,079 points, up from 76,468 points the day before as a result of a surge based on exit poll forecasts. However, value investing caused a spike in the following sessions, and on Friday, the BSE benchmark recovered the 76,000 mark.
With Seoul reporting gains and Tokyo, Shanghai, and Hong Kong trading lower, Asian markets finished the day on a mixed note.
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- With inputs from agencies
