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Business News/ Markets / Live Blog/  Sensex Today All Time High | Market Close Highlights : Sensex ends up 1,240pts, Nifty at 22,330; Metal,Bank, O&G, up
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Sensex Today All Time High | Market Close Highlights : Sensex ends up 1,240pts, Nifty at 22,330; Metal,Bank, O&G, up

1 min read . Updated: 01 Mar 2024, 03:47 PM IST
Pranay Prakash

Sensex Today All Time High | Market Close Highlights : Indian economy grew by 8.4% in Q3FY24, according to the quarterly estimates of India's GDP in Q3 FY24. The GDP numbers have surpassed the economists expectation who predicted a contraction from the previous quarter.

Sensex Today All Time High | Market Close Highlights : Foreign institutional investors (FIIs) net bought shares worth ₹3,568.11 crore, while domestic institutional investors (DIIs) sold ₹230.21 crore worth of stocks on February 29, provisional data from the NSE showed. (Photo: Mint)Premium
Sensex Today All Time High | Market Close Highlights : Foreign institutional investors (FIIs) net bought shares worth ₹3,568.11 crore, while domestic institutional investors (DIIs) sold ₹230.21 crore worth of stocks on February 29, provisional data from the NSE showed. (Photo: Mint)

Sensex Today All Time High | Market Close Highlights : European shares kicked off the month higher on Friday, buoyed by strength in global equities after favourable U.S. inflation data, while investors hope for a similar downward trend in euro zone inflation for fresh clues on monetary policy easing.

The pan-European STOXX 600 was up 0.4% by 8:11 GMT, but was on track for its first weekly slide in over six.

Stock markets are in a fairly buoyant mood as U.S. benchmark S&P 500 and Nasdaq closed at record highs on Thursday, following in-line U.S. inflation figures

Japanese and Australian shares hit fresh record highs on Friday as a key U.S. inflation reading came in as expected, a relief for investors that had looked for a June rate cut, while mixed data from China bolstered hopes for more policy support.

The Nikkei index jumped 1.9% to hit a fresh all-time high, extending a surge of 7.9% the previous month when it breached levels last seen in 1989. Australia's resources-heavy shares rose 0.6% to a new record high.

MSCI's broadest index of Asia-Pacific shares outside Japan also gained 0.2%, although it was still set for a weekly loss to 0.4%.

Data on Friday showed China's factory activity contracted for a fifth straight month in February, while the expansion in the services sector picked up pace.

China's mainland markets were higher. The bluechips rose 0.4% and Shanghai Composite index edged up 0.2%, after rebounding nearly 10% last month on the back of Beijing's efforts to stop short-selling in the market.

Hong Kong's Hang Seng index also reversed earlier losses to be up 0.6%.

Overnight on Wall Street, the S&P 500 and Nasdaq closed at record highs. The U.S. personal consumer expenditures (PCE) price index, the Federal Reserve's preferred gauge for inflation, rose 0.3% in January from a month earlier. The core PCE price index rose 0.4%, as expected.

Bonds were steady after rallying in relief that the U.S. PCE data was not worse than expected. The 10-year Treasury yield held at 4.2542% after edging 4 basis points lower overnight. It jumped 29 basis points last week as markets pushed back bets on early rate cuts.

Oil prices edged up on Friday. Brent rose 0.4% to $82.21 a barrel, while U.S. crude gained 0.3% to $78.47 per barrel.

The spot gold price was 0.1% higher at $2,044.99.

01 Mar 2024, 08:32:48 AM IST

Sensex Today Live : All eyes now on 7.6% growth for the year

Sensex Today Live : Despite slower growth in consumption and government spending than previously projected, India’s economy is poised to grow by 7.6% in FY24, according to the second advance estimate released by the government. This growth is attributed to strong investment in plant and machinery, robust manufacturing growth, and a slight uptick in trade.

Earlier in January, the government had predicted a fiscal growth of 7.3%. The current financial year is expected to see a 10.2% growth in gross fixed capital formation or investments in fixed assets, aligning closely with the January projection. However, both inflation-adjusted household spending and government expenditure are anticipated to see a modest growth of 3% in the current fiscal, a decrease from the January estimates of 4.4% and 4% respectively. (Read the full story here.)

01 Mar 2024, 08:18:26 AM IST

Sensex Today Live : December quarter, when GDP beat every forecast

Sensex Today Live : India’s GDP data for the third quarter of Financial Year 2023-24, released by the Statistics Ministry on February 29, revealed an unexpected 8.4% growth in the economy during the October-December quarter of FY 24. Economists were taken aback by this surge as they had estimated lower growth due to a slight decrease in government expenditure, sluggish industrial output growth, and an irregular monsoon during the third quarter. However, the robust construction and manufacturing sectors played a pivotal role in surpassing these predictions. (Read the full story here.)

01 Mar 2024, 08:07:55 AM IST

Sensex Today Live : Gift Nifty 200pts ahead, Indicates strong jump at opening bell

Sensex Today Live : Buoyed by better-than-expected GDP data and improved forecasts for the current financial year, Gift Nifty futures was trading far ahead of Thursday's Nifty 50 close.

At 7:50 am, the Gift Nifty at 22,205 was more than 200 points ahead of Nifty 50's Thursday close of 21,982.80.

Japan's Nikkei hit a fresh record high on Friday, buoyed by the bounce on Wall Street as a key U.S. inflation reading was in line with expectations, while markets elsewhere in Asia were more subdued on China's still-uncertain economic outlook.

The Nikkei index gained 1.8% to hit a fresh all-time high, extending a surge of 7.9% the previous month when it breached levels last seen in 1989. Australia's resources-heavy shares also hit a record high and were last up 0.3% on the day.

MSCI's broadest index of Asia-Pacific shares outside Japan, however, fell 0.1%, weighed down by a 0.2% drop in Hong Kong's Hang Seng index. The Asia index is set for a weekly loss of 1%.

Data on Friday showed China's factory activity contracted for a fifth straight month in February, while the expansion in the services sector picked up pace.

China's mainland markets were tentative, with both the bluechips and Shanghai Composite index mostly flat on the first day of March.

Japan's factory activity shrank at the fastest pace in more than 3-1/2 years in February, a private-sector survey showed on Friday.

Overnight on Wall Street, the S&P 500 and Nasdaq closed at record highs. The U.S. personal consumer expenditures (PCE) price index, the Federal Reserve's preferred gauge for inflation, rose 0.3% in January from a month earlier. The core PCE price index rose 0.4%, as expected.

In Europe, inflation readings in Germany, France and Spain all eased, mostly in line with expectations, which should bode well for the eurozone inflation data due later on Friday.

The two-year Treasury yield, which reflects interest rate expectations, was also flat at 4.6373%, having eased 4 bps to 4.644%.

Oil prices edged up on Friday. Brent rose 0.4% to $82.21 a barrel, while U.S. crude gained 0.3% to $78.47 per barrel.

The spot gold price was flat at $2,043.99.

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