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GDP takes Sensex to 6 month high

The Sensex started on a positive note and went past the key 29,000-mark to touch a high of 29,029.17 before settling up by 241.17 points

By: ENS Economic Bureau | Mumbai |
Updated: June 18, 2020 2:53:23 pm
GDP, gross domestic product, sensex, sensex point, sensex 6 point growth, sensex growth, gdp impact sensex, economy news, business news Photo for representational purpose

Snapping two days of losses, the benchmark Sensex on Wednesday rose by 241 points to close at a six-month high after a surprise GDP growth eased market worries about the impact of the demonetisation drive and US President Donald Trump called for adopting a merit-based immigration system that could benefit high-tech professionals from countries like India.

The Sensex started on a positive note and went past the key 29,000-mark to touch a high of 29,029.17 before settling up by 241.17 points, or 0.84 per cent, at 28,984.49, a level last seen on September 8 last year when it had closed at 29,045.28. The index had lost 149.65 points in the previous two sessions. The NSE Nifty also moved up 66.20 points, or 0.75 per cent, to 8,945.80 after shuttling between 8,960.80 and 8,898.60.

The Central Statistics Office on Tuesday said that GDP expanded by 7 per cent in the third quarter, belying all fears of the note ban derailing economic activity. It A monthly PMI survey showed that India’s manufacturing sector grew for the second straight month in February.

Anand James, chief market strategist, Geojit Financial Services, said, “Surprising markets positively, Q3 GDP numbers showed little signs of demonetisation’s impact. Continued expansion in manufacturing PMI also served to add more legs to market’s run.”

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