Indian Stock Market Touches Record High Days After Nosediving Due To LS Poll Results

Sensex jumped 1,618.85 points to close at a fresh closing high of 76,693.36, while Nifty climbed 468.75 points to record 23,290.15 on Friday, June 7.

ALSO READ | Counting Day Shockers: INDIA Defies Expectations, Modi Trails Briefly, Stock Market Crashes Hard

Benchmark Sensex soared by more than 1,720 points or over 2 per cent to hit life-time intra-day record highs on Friday after the Reserve Bank of India revised upwards the GDP growth projection to 7.2 per cent for 2024-25 from 7 per cent earlier.

The 30-share BSE Sensex jumped 1,720.8 points to hit a record peak of 76,795.31 in day trade. The NSE Nifty went up by 498.8 points to 23,320.20.

The Reserve Bank of India (RBI) on Friday decided to keep the policy rate unchanged for the eighth time in a row, saying it will maintain a tight vigil on inflation.

Announcing the second bi-monthly monetary policy for the current financial year, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 6.5 per cent.

The Reserve Bank revised upwards the GDP growth projection for the current fiscal to 7.2 per cent from 7 per cent on rising private consumption and revival of demand in rural areas.

All the 30 Sensex companies were trading in the positive territory, Mahindra & Mahindra, Wipro, Tech Mahindra, UltraTech Cement, Tata Steel and Infosys were among the biggest gainers.

ALSO READ | Stock Market: Sensex, NIFTY Post Massive Jump As Exit Polls Predict NDA's Return

The share market opened with a bang on Monday, June 3, posting a massive jump in the early trade after exit polls projected that the Narendra Modi-led NDA government will be back for a third consecutive term with a sweeping victory in the Lok Sabha elections 2024.

The counting of votes for the Lok Sabha elections 2024 took place on Tuesday, June 4, when the Indian stock market crashed to a record low as leads contradicted the exit poll predictions.

Indian stock markets crashed by over 6,000 points on June 4. While Sensex crashes 6,126.30 points to 70,342.48, Nifty tumbled 1,958.25 points to 21,305.65.