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  1. Markets scale new high, NIFTY50 above 22,300, SENSEX gains over 1000 points

Markets scale new high, NIFTY50 above 22,300, SENSEX gains over 1000 points

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1 min read • Updated: March 1, 2024, 1:55 PM

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Benchmark indices reach record highs as GDP growth for Q3FY24 surpasses expectations. Leading the rally are metal, banking, and auto stocks.

NIFTY50 scales to new high of 22,304

Markets scaled to a new high today, with benchmark NIFTY50 and SENSEX climbing 1.4% by midday trading. This surge follows after yesterday’s better-than-expected Q3FY24 GDP data, which stood at 8.4%, the strongest growth since Q2 2022.

The market rally is predominantly driven by metal stocks, with TATA Steel (+4.4%), JSW Steel (+4.1%), and Hindalco (+3.2%) among the top gainers. Major private banks like ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, and Axis Bank also trade higher, ranging from 1.6% to 2.4%.

Auto stocks remain in focus as monthly sales numbers are anticipated from major manufacturers. TATA Motors, M&M, Maruti, and Bajaj-Auto are trading up 1.8% to 2.6%. The NIFTY Auto index has surged by 1.3% today due to significant developments in this sector.

In broader indices, midcap and small-cap indices have both gained half a percentage point. However, the midcap 100 and small-cap 100 have corrected by 4% and 6%, respectively, from their recent highs. Increased volatility in these indices is noted as market regulators heighten vigilance in mutual funds regarding risk disclosure measures.