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Stock Market News: The domestic benchmark indices, the Sensex and Nifty 50, rose more than 2% to reach new highs on Friday after the Reserve Bank of India (RBI) increased the GDP growth forecast to 7.2% for 2024-25 from 7% before.In day trading, the 30-share BSE Sensex rose 1,720.8 points, or 2.29%, to a new record high of 76,795.31. The benchmark closed at a record high of 76,693.36, up 1,618.85 points, or 2.16%.The NSE Nifty rose 498.8 points, or 2.18%, to 23,320.20 throughout the day, trailing just the record intraday high by 18.5 points.
The index closed at an all-time high of 23,290.15, up 468.75 points (2.05%). According to Vinod Nair, Head of Research at Geojit Financial Services, the expectation of stability within the coalition government at the centre, together with the RBI's higher adjustment of its FY25 growth prediction to 7.2%, fuelled a broad-based rally in the domestic market.
The Indian market eclipsed its previous record high established on exit poll day, reaching a new height. Though the final mile to the inflation target remains difficult, investors expect the MPC to move one step closer to the easing cycle.Also Read: Sensex, Nifty 50 settle at fresh closing highs; 5 key factors that drove the market todayThe US labor market added more jobs than projected in May, defying earlier warnings of an economic downturn.
According to data issued Friday by the Bureau of Labor Statistics, the labor market gained 272,000 non-farm payroll positions in May, considerably above predictions of 180,000. This might lead to the Fed not decreasing interest rates in the near future, leading the market to decline and the dollar to strengthen, according to market experts.The market outlook will be dictated by important
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