Current state of the stock market: On Friday, June 7, benchmark equity indices saw a record closing amid widespread purchasing following the Reserve Bank of India’s (RBI) revision of the FY25 GDP growth prediction to 7.2% from 7% previously.
Market Soars Nifty Hit 23290 and Sensex Surge 1619 After RBI Policy Update
Current state of the stock market: Benchmark market indices saw record closings on Friday, June 7, due to widespread purchasing following the Reserve Bank of India’s revision of the GDP growth estimate upward from 7% to 7.2 percent for 2024–25. The 30-share BSE Sensex surged 1,618.85 points, or 2.16 percent, on widespread purchasing to settle at a record 76,693.36 after reaching an all-time high of 76,795.31. The NSE Nifty reached a record 23,290.15 after rising 468.75 points, or 2.05%.
Of the Nifty firms, two were in decline and 48 were in advance. SBI Life and Tata Consumer Products were the biggest gainers in the Nifty 50 universe, followed by Mahindra & Mahindra, Wipro, Tech Mahindra, Infosys, and Tata Steel.
The Nifty MidCap100 closed 1.49 percent higher, while the domestically focused Nifty SmallCap100 gained 2.31 percent.
With 12 constituents, including SBI, HDFC Bank, and ICICI Bank, the high-beta Nifty Bank index concluded 1.04 percent, or 511.3 points, higher at 49,803.2.
The Monetary Policy Committee (MPC) has chosen to maintain the repo rate at its current level, RBI Governor Shaktikanta Das announced, outlining the second bi-monthly monetary policy for the current fiscal year. 6.5%.
The Reserve Bank increased its forecast for GDP growth in the current fiscal year from 7% to 7.2% in light of growing private consumption and a resurgence of demand in rural areas.
worldwide market, Market Soars Nifty Hit 23290 and Sensex Surge 1619
Friday saw a little decline in European stocks, one day after the European Central Bank reduced borrowing costs as was largely anticipated. When last viewed, the STOXX 600 for the entire continent was down 0.2%.
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