News Brief

Sensex Touches All-Time High Days After Stock Market Crash On Election Results Day — Here's Why

Kuldeep Negi

Jun 07, 2024, 04:47 PM | Updated 04:47 PM IST

Sensex (file photo)
Sensex (file photo)

The benchmark Sensex soared by more than 1,720 points or over 2 percent to hit a lifetime intra-day record high on Friday (7 June) after the Reserve Bank of India (RBI) revised the GDP growth projection for 2024-25 to 7.2 percent from the earlier estimate of 7 percent.

The 30-share BSE Sensex surged 1,720.8 points to reach a record high of 76,795.31 during the day, Indian Express reported.

The NSE Nifty also climbed, touching a high of 498.8 points to 23,320.20 in the intra-day trade.

Gains were observed in IT, banking, real estate, and auto stocks, sectors sensitive to interest rates.

The BSE benchmark has climbed over 2,900 points, or more than 4 percent, in the past two days, recovering from Tuesday’s massive decline of over 4,000 points after the Lok Sabha election results.

The RBI announced on Friday (7 June) that the policy rate would remain unchanged for the eighth consecutive time.

In the second bi-monthly monetary policy announcement for the current financial year, RBI Governor Shaktikanta Das stated that the Monetary Policy Committee (MPC) decided to keep the repo rate steady at 6.5 percent.

The GDP growth projection for the current fiscal year was revised upward to 7.2 percent, attributed to rising private consumption and a resurgence in rural demand.

Also Read: Empowering Poor And Middle Class Government's Top Priority: Key Highlights Of PM Modi's Speech At NDA Meet

Kuldeep is Senior Editor (Newsroom) at Swarajya. He tweets at @kaydnegi.

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