Stock Market Today: Sensex, Nifty Close At Fresh Record High On Strong Q3 GDP

India's benchmark stock indices were trading higher till midday after hitting a fresh record high on Friday, supported by gains in index heavyweights ICICI Bank Ltd. and Reliance Industries Ltd.

The Nifty hit a new high of 22,304 and the Sensex hit an all-time high of 73,574.02 after the country's third-quarter GDP surpassed economists' estimates.

India's GDP grew 8.4% year-on-year in the third quarter ended December 2023, beating analysts' estimate of 6.6% for the period in a Bloomberg survey.

At 12:37 pm, the NSE Nifty 50 rose 310.90 points, or 1.41%, to 22,293.70, and the S&P BSE Sensex gained 1,042.92 points, or 1.44%, to trade at 73,543.22.

"The expected series for March will be strong buying interest due to positive macro and micro data. Strong private sector investment and a pick-up in services spending will be positive for market sentiment," said Vikas Jain, senior analyst research of Reliance Securities Ltd.

Expectations are positive for semiconductor-related stocks after the government approved a $15 billion semiconductor plant in India. The $9 billion allocation approved by the cabinet for rooftop solar projects will be positive for solar stocks. The government-approved $3 billion fertilizer subsidy will be positive for mining stocks and the change in critical mining royalties will boost mining and metals stocks, Jain said.

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