New Delhi: The Indian share market experienced a significant surge following the Reserve Bank of India’s (RBI) decision to maintain interest rates unchanged for the eighth consecutive monetary policy review. Additionally, the RBI has revised the real GDP growth forecast for the fiscal year 2024-2025 from 7% to 7.2%. The share market welcomed the RBI’s decisions and projections, leading to a continued rally for the third consecutive day on June 7.
At the end of the trading session, the BSE Sensex, based on 30 shares, closed at 76,693.36 points, up by 1,618.85 points or 2.16%. Similarly, the NSE Nifty, based on 50 shares, gained 468.80 points or 2.05% to close at 23,290.20 points.
Highlights:
- Excitement in the share market on the last trading day of the week
- Record closing for Sensex and Nifty in the share market
- Share market closed on a positive note on June 6
On June 7, the Sensex reached a high of 76,795 points during intraday trading. The trading session ended with the Sensex closing at 76,693.36 points, marking an increase of 1,618.85 points or 2.16%. Similarly, the Nifty closed at 23,290.20 points, up by 468.80 points or 2.05%.
Top gainers on the Nifty during Friday’s trading included M&M, Wipro, Tech Mahindra, Infosys, and UltraTech Cement, while SBI Life Insurance and Tata Consumer Products were the top losers.
Share Market Closed on a Positive Note in Previous Trading Session: In the previous trading session on June 6, the BSE Sensex closed at 75,074.51 points, up by 692.27 points or 0.93%. During the session, it had surged by 915.49 points to reach 75,297.73 points. Similarly, the Nifty climbed by 201.05 points or 0.89% to close at 22,821.40 points, reaching an intraday high of 22,910.15 points, up by 289.8 points or 1.28%.
RBI Revises GDP Growth Estimate for FY25: The RBI has revised the GDP growth estimate for the current fiscal year 2024-25 from 7% to 7.2%. The central bank attributed this increase to improvements in private consumption and strengthening rural demand. In the bimonthly monetary policy statement on Friday, RBI Governor Shaktikanta Das noted that according to estimates released by the National Statistical Office (NSO), the Indian economy grew at a rate of 8.2% in 2023-24. He stated, “So far in 2024-25, domestic economic activities remain robust. The increase in domestic demand has led to a surge in manufacturing activities.”
The share market’s positive response to the RBI’s policies underscores investor confidence in the Indian economy’s growth prospects. With the share market recording significant gains, market participants are optimistic about continued growth and stability. The share market’s rally is seen as a reflection of robust economic fundamentals and a favorable business environment.
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