Mumbai: The benchmark BSE Sensex recovered nearly 555 points due to value buying in IT, auto, and consumer durables shares following three consecutive days of losses and positive macroeconomic data. The 30-share Sensex increased by 554.84 points, or 0.70 percent, to close at 80,364.49, with 23 of its components finishing higher and seven lower. The index opened with gains and later surged by 597.19 points, or 0.74 percent, reaching a peak of 80,406.84. The 50-share NSE Nifty rose by 198.20 points, or 0.81 percent, ending at 24,625.05. Key gainers among Sensex companies included Mahindra & Mahindra, Tata Motors, Trent, Eternal, Asian Paints, and Infosys, while Sun Pharma, ITC, Hindustan Unilever, and Titan were among the losers.
India’s economy expanded by a stronger-than-anticipated 7.8 percent in the April-June period, marking its fastest growth in five quarters, just prior to U.S. President Donald Trump’s tariffs, which now cast uncertainty on key exports like textiles. “India’s Q1 GDP growth of 7.8 percent, surpassing predictions, has strengthened investor confidence in the economy’s resilience amid global uncertainties. Expectations of GST rationalization in the upcoming council meeting continue to enhance sentiment, supporting discretionary consumption. This optimism is particularly benefiting sectors such as auto and consumer durables,” stated Vinod Nair, Head of Research at Geojit Investments Limited. Ajit Mishra, SVP of Research at Religare Broking Ltd, noted, “Markets commenced the week positively, backed by favorable Q1 GDP data.
Following an initial rise, the Nifty traded within a range in the first half; however, renewed buying in select heavyweights propelled the index higher as the session progressed.” The BSE midcap index surged by 1.64 percent, while the smallcap index climbed by 1.49 percent.
