The stock markets moved ahead in the positive trajectory in early morning trade. As of 9:20 AM, the BSE Sensex inched closer to the 74K mark and stood at 73,960.07, up by over 150 points, while the NSE Nifty50 rallied beyond 22,400 and traded higher by 77.50 points at 22,416.25.
Background
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The stock markets opened the week with a positive sentiment. During the pre-opening session on Monday, the key equity benchmark Sensex, surpassed the 74K mark and gained over 200 points in the morning.
During the last week, markets exhibited major volatility, however, closed the week in green. During the special trading session on Saturday, both Sensex and Nifty hit fresh peaks during the session. The BSE Sensex closed at 73,806.15 on Saturday, while the NSE Nifty50 settled at 22,378.40, marking a fresh closing high.
This bull run was attributed to the strong GDP growth of 8.4 per cent reported by India for the third quarter of the current fiscal year. The GDP growth surpassed market expectations of 6.7 per cent.
Notably, foreign portfolio investors also changed their stance on the Indian equities market drastically and poured in over Rs 1,500 crore in the market in February, official data revealed. This stood against the outflow seen in Indian equities so far in the preceding months, with Rs 25,743 crore withdrawn from the segment in January. This change of strategy was also attributed to the robust GDP numbers and corporate earnings.
Investors continued to remain bullish on the debt markets and infused more than Rs 22,419 crore in the segment during February.
Providing an outlook, Santosh Meena, head of research, Swastika Investmart Ltd, noted, “Key upcoming events, such as the release of the US services PMI on March 5, 2024, testimony by the US Fed Chair Powell, along with the US unemployment rate on March 8 will be closely watched for their potential impact on market sentiment. Crude oil is also inching higher, and any negative surprise from there can disturb the mood of the market. However, the market is ignoring any bad news and continuing its bullish momentum.”