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Nifty50 scales fresh peak on GDP boost
Business Standard
|December 02, 2023
Benchmark indices log the best week in 5 months
The benchmark Nifty50 soared to a fresh record high on both intraday and closing bases on Friday. This surge came on the back of a better than-expected GDP growth figure for the September quarter of 2023-24 and was fuelled by growing global optimism that the US Federal Reserve and other large central banks have successfully reined in inflation and are on the verge of lowering interest rates.
The 50-share index rose by 135 points, or 0.67 per cent, to close at 20,268, surpassing its previous closing high of 20,192, recorded on September 15. It also hit an intraday high of 20,292, outdoing its previous record of 20,222.
The Sensex, on the other hand, rose by 493 points, or 0.74 per cent, to close at 67,481 358 points, or 0.53 per cent, below its record closing high of 67,839, also made on September 15.
The Nifty and the Sensex, logging their best week in five months, rose by 2.4 per cent and 2.3 per cent, respectively, amid strong buying support from both domestic and foreign investors. On Friday, foreign portfolio investors bought shares worth ₹1,590 crore, while institutional investors pumped in 1,448 crore.
This story is from the December 02, 2023 edition of Business Standard.
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