Stock markets zoom over RBI’s GDP forecast, Sensex up over 1%

Updated: Jun 7th, 2024


The India stock market extended morning gains after the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) raised India's real GDP forecast to 7.2% for FY25 from earlier 7%. 

The MPC also decided to keep the policy rates unchanged at 6.5%.

The news came as a boost for markets as Sensex went up 1% and Nifty topped 23,000.

The BSE Midcap and BSE Smallcap gained 0.7% and 1.6%, respectively.

According to experts, the weekly jobless claims report in the US today and the ministry allocations in India over the weekend will provide a further boost to market sentiments.

On June 6, all 13 sectoral indices were in the green, with IT, financial services, and oil and gas stocks leading the gains in the Nifty.

Infosys, Wipro, and TCS led the Nifty IT index to rise over 3%.

RBI Governor Shaktikanta Das said the GDP growth in the first quarter of 2024-25 is likely to be at 7.3%, 7.2% in Q2, 7.3% in Q3, and 7.2% in the last quarter.

Das said that the pattern of world crisis continues, but India is headed for sustained high growth based on its demographics, productivity and the right government policies in place.

"However, at the same time, we need to be vigilant in the backdrop of an unsettled global environment,” Das said.

This is the eighth consecutive time that the RBI has left the interest rate unchanged.

(This story was taken from a syndicated feed, and edited only for style by Gujarat Samachar Digital staff)

Also read:

Recovery mode: Sensex trades higher on positive global cues

Biggest scam of stock market, alleges Rahul Gandhi, demands JPC probe into ₹30 lakh cr losses by investors

Gujarat
Your privacy

By clicking “Accept all cookies”, you agree Gujarat Samachar can store cookies on your device and disclose information in accordance with our  Cookie Policy