Sensex, Nifty Beat Global Peers on RBI Boost, Macro Data
Key Highlights
- Sensex closed at 7396131, up 7571 points (0.10%).
- Nifty ended at 2253070, gaining 4205 points (0.19%).
- RBI policy and positive macro data boosted market sentiment.
Market Performance
Indian equity benchmarks extended their rally on May 31, 2024, buoyed by positive developments in the domestic economy and a dovish stance from the Reserve Bank of India (RBI).
The S&P BSE Sensex closed 7571 points higher at 7396131, marking a 0.10% increase. The Nifty 50 index advanced 4205 points (0.19%) to settle at 2253070.
Factors Driving Market
The market rally was primarily attributed to the RBI's decision to maintain a dovish monetary policy. The central bank left the repo rate unchanged at 4%, signaling its commitment to supporting economic growth.
Positive macroeconomic data, such as rising industrial output and a decline in inflation, also boosted investor sentiment. The National Statistical Office (NSO) reported that India's industrial production grew by 6.2% in April 2024, while the Consumer Price Index (CPI) inflation eased to 5.5% in May 2024.
Conclusion
The surge in Sensex and Nifty reflects the market's optimism about India's economic prospects. The RBI's dovish stance and encouraging macro data are providing a favorable environment for investors. As the economy continues to recover from the pandemic, the Indian stock market is poised for further growth.
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