Upbeat Q3 GDP Data Lifts Sensex, Nifty to Record Highs; Bank, Auto, Metals Shine

The Indian stock market jumped intraday on March 1, 2024. This comes after upbeat Q3 GDP data. The Indian economy grew 8.4 percent during the October-December quarter of the current financial year 2023-24 (Q3FY24). It remained the fastest-growing major economy in the world, according to gross domestic product (GDP) data released by the Statistics Ministry on February 29, 2024. At 11:24 AM, Sensex was up 792 points at 73,292.59 while Nifty jumped 243 points and was trading at 22,226.55.

Around 1,748 stocks advanced and 675 stocks declined while 100 stocks remained unchanged.

Among the sectors, Metal, Bank Nifty, Auto, and Oil & Gas were up 0.5-2 percent.

Top Nifty50 Gainers

Top Nifty50 Losers

Stocks on Move

Tata Investment Corporation: up 3.8%

Tata Investment Corporation shares gained a day after the Union Cabinet approved three semiconductor plant proposals. Two of these would be set up by Tata Group. Two of the three plants will be built in Gujarat and one in Assam at an estimated cost of Rs 1.26 lakh crore. The Tata Group will set up plants in Gujarat and Assam, while Murugappa Group-owned CG Power will set up a plant in Gujarat. The construction of the three plants will begin within 100 days, IT minister Ashwini Vaishnaw said.

Also read: Mukka Proteins IPO: Top Things to Know Before Subscribing to The Issue

One97 Communications: up 3.5%

Shares of Paytm gained over 4 percent on March 1 after the fintech’s board gave its approval for the discontinuation of several inter-company agreements with its associate entity, Paytm Payments Bank Limited (PPBL).

In a regulatory filing, Paytm informed that the company and its associate PPBL have introduced ‘additional measures to strengthen their approach towards independent operations of PPBL.’

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