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Indian Markets Rally on Strong GDP Data, Auto Stocks Lead Gains
Indian Markets Rally on Strong GDP Data, Auto Stocks Lead Gains
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BTCCSquare news:
Benchmark indices in India snapped a three-day losing streak as robust Q1 GDP growth of 7.8% fueled a market rally. The Nifty 50 surged 0.81% to close at 24,625.05, while the Sensex gained 0.70% to end at 80,364.49. The GDP figure surpassed consensus estimates of 6.8%, marking the highest growth in five quarters.
Auto stocks outperformed, with Bajaj Auto leading gains at 4.01%, followed by Mahindra & Mahindra, Hero MotoCorp, and Tata Motors. Market sentiment was further buoyed by geopolitical developments, including Prime Minister Modi's participation at the SCO Summit, which signaled easing tensions between India and China.
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