Sensex, Nifty soar in early trade on impressive GDP data, foreign fund inflows

Mumbai: Equity benchmark indices Sensex and Nifty jumped in early trade on Friday helped by impressive GDP data and fresh foreign fund inflows.

Also, a rally in global markets added to the positive momentum in the equity markets.

The 30-share BSE Sensex jumped 417.77 points to 72,918.07 in early trade. The Nifty climbed 142.85 points to 22,125.65.

Among the Sensex firms, Tata Steel, Tata Motors, JSW Steel, Mahindra & Mahindra, Larsen & Toubro, Power Grid, IndusInd Bank, Maruti, NTPC and ICICI Bank were the major gainers.

HCL Technologies, Infosys, Hindustan Unilever and Asian Paints were among the laggards.

India's economy grew by better-than-expected 8.4 per cent in the final three months of 2023 -- the fastest pace in one-and-half years.

The growth rate in October-December was higher than 7.6 per cent in the previous three years, and it helped take the estimate for the current fiscal (April 2023 to March 2024) to 7.6 per cent, according to the data released by the National Statistical Office (NSO) on Thursday.

The main factor influencing the market today will be the better-than-expected Q3 GDP growth number which has come at an impressive 8.4 per cent, said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

"The impressive GDP numbers provide the fundamental support to the bull market," he added.

Global oil benchmark Brent crude declined 0.07 per cent to USD 83.62 a barrel.

In Asian markets, Tokyo, Shanghai and Hong Kong were quoting with gains.

The US markets ended in the green on Thursday.

Foreign Institutional Investors (FIIs) turned buyers on Thursday as they bought equities worth Rs 3,568.11 crore, according to exchange data.

The BSE benchmark climbed 195.42 points or 0.27 per cent to settle at 72,500.30 on Thursday. The Nifty gained 31.65 points or 0.14 per cent to 21,982.80.