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Sensex Hits New Record High

Team Finance Saathi

04/Mar/2024

Find out why the BSE index soared to a record high on Monday, fueled by gains in oil & gas and financial sectors. Learn about the big moves by NTPC and Power Grid, and how Moody's upgraded India's growth forecast for 2024. Stay tuned for updates on global market sentiment ahead of key events this week!

Hey folks, exciting news from the stock market! The BSE index just hit a new all-time high, closing slightly up at 73,872.3 on Monday. That's four days in a row of climbing higher and higher.

What's driving this surge, you ask? Well, it's a mix of good and not-so-good news. On the bright side, the oil & gas and financial sectors are doing pretty well, but there's some selling pressure in the IT, auto, and consumer goods departments.

Let's talk about some big winners of the day. First up, NTPC saw a nice jump of 3.5% after announcing a massive investment of 171.95 billion rupees for a new power project in Uttar Pradesh. That's some serious cash being pumped into the economy!

And then we have Power Grid Corporation of India, which climbed 2.6% to reach a brand-new record high. Why? Because they got the green light for a 12-billion-rupee fund raise proposal. Looks like investors are feeling pretty bullish about the power sector!

But wait, there's more good news on the horizon. Moody's Investor Service just upgraded India's growth forecast for 2024 from 6.1% to 6.8%. That's a pretty significant bump, thanks to some strong economic data. Looks like India's economy is on the up and up!

Now, while things are looking pretty rosy here, it's always good to keep an eye on the global scene. People are feeling a bit cautious ahead of some important events later this week, like FED Chair Jerome Powell's testimony and US nonfarm payroll data. So, let's stay tuned for more updates and see where the market takes us next!

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Sensex Hits New Record High

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