Sensex up 620 pts on robust Q2 GDP growth

Sensex up 620 pts on robust Q2 GDP growth
© Provided by The Times of India

Mumbai: A strong GDP growth number for India and relatively steady Asian markets on Wednesday ensured investor sentiment improved on Dalal Street, despite a sharp sell-off in the US markets on Tuesday night. This helped the sensex close 620 points (1.1%) higher at 57,685. Short covering by speculators to limit their losses also helped the index gain in the closing hours, market players said.

Wednesday’s surge came mainly on the back of strong buying in Reliance Industries along with ICICI Bank, Axis Bank and SBI, while a lower closing in Bharti Airtel and Ultratech Cement limited the gains partially. On Tuesday evening, the government had said that during the July-September quarter this year the economy had grown by an 8.3% annual rate and it now targets double-digit growth for entire fiscal. This comforted investors about the economy coming back on track at a fast rate after the Covid-induced slowdown during the most part of 2020 and the early months of 2021.

Surprisingly, foreign investors continued to be net sellers with an outflow figure of Rs 2,766 crore, although domestic funds more than neutralised this selling with a net buying figure of Rs 3,467 crore. Commentaries from doctors and pharma company executives that said that the newly emerged Omicron variant of the virus may not be as lethal as initially thought to be also helped to calm nervous investors globally, dealers said.

With major European markets up over 1% each in late trades and US markets opening strong — up between 1% and 1.3% — market players here expect the Indian market to also trade strong on Thursday.

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