Stock Market Highlights, June 7:RBI policy, Modi-mania lifts Sensex to record high, ends 1619 pts up | News on Markets

Closing Bell on Friday, June 7: Market bulls extended their rally into a third day on Friday amid positive developments on the monetary policy and political front.

During the day, the Reserve Bank of India (RBI) increased India’s FY25 gross domestic product (GDP) growth forecast to 7.2 per cent from 7 per cent projected earliar. Besides, it maintained its 4.5 per cent inflation target for the fiscal year, with eyes on the 4-per cent target over the medium term. 

On the political front, all the members of the National Democratic Alliance (NDA) formally accepted and appointed Narendra Modi as the leader of the alliance and backed his candidature for being the country’s Prime Minister for a third term.

Against this, the BSE Sensex hit a fresh all-time high of 76,795 on the BSE, surging 1,714 points intraday. On the NSE, the Nifty50 surpassed the 23,300, and was whiskers away from hitting a new record high.

At close, the BSE benchmark stood at 76,693, up 1,619 points or 2.16 per cent. The NSE Nifty50, on the other hand, ended at 23,290, up 469 points or 2 per cent. 

M&M, Wipro, Tech M, Infosys, Tata Steel, Bajaj Finance, Bharti Airtel, Ultratech Cement, Tata Motors, NTPC, Titan, NTPC, Power Grid, JSW Steel, bajaj Finserv, Reliance Industries, Sun Pharma, and HCL Tech were the top gainers, up between 2 per cent and 5 per cent. 

In the broader markets, the BSE MidCap, and SmallCap indices gained 1.28 per cent and 2.18 per cent, respectively.

Among sectors, the Nifty IT index climbed 3.4 per cent, the Nifty Metal, and the Nifty Realty 2 per cent each, and the Nifty Bank index 1 per cent.