Benchmark indices Sensex and Nifty continued their upward momentum on Friday following the release of the Economic Survey 2024-25 and strong buying in Larsen & Toubro post its earnings report.
The BSE benchmark Sensex surged by 790.11 points to reach 77,549.92, while the NSE Nifty climbed 281.2 points to reach 23,530.70.
India is projected to achieve GDP growth between 6.3-6.8% in the financial year 2025-26 supported by strong fundamentals, prudent fiscal consolidation, and steady private consumption, as per the Economic Survey presented in Parliament on Friday.
The survey stated, “The domestic economy’s fundamentals remain sturdy, with a robust external account, measured fiscal consolidation, and steady private consumption. Considering these factors, we anticipate growth in FY26 to be between 6.3 and 6.8 percent.”
Among the key gainers from the blue-chip index were Nestle, which surged over 4% after reporting a 4.94% increase in net profit for the quarter ending December 31, 2024, and Larsen & Toubro, which climbed nearly 4% post a 14% rise in consolidated profit after tax for the December quarter.
Other major gainers included Titan, IndusInd Bank, Maruti, and ITC, while laggards included ITC Hotels, Bajaj Finserv, Bharti Airtel, and ICICI Bank.
The survey also highlighted the potential impact of a significant market correction in 2025, especially on India due to the increased participation of young retail investors who may not have experienced such a correction before.
Historical data and research demonstrate the sensitivity of the Indian equity market to movements in the US market. The Nifty-50 has shown a strong correlation with the S&P 500, with instances where a correction in one market led to negative returns in the other.
In Asian markets, Tokyo closed higher, while Seoul ended lower. US markets ended in positive territory on Thursday.
Foreign Institutional Investors (FIIs) sold equities worth ₹4,582.95 crore on Thursday. Brent crude advanced by 0.13% to $76.97 a barrel.
In the previous session, the BSE benchmark rose by 226.85 points to close at 76,759.81, while the Nifty gained 86.40 points to settle at 23,249.50.
The positive sentiment in the market was also reflected in US markets, which ended in the green on Thursday.
