Business news: Stock market hits new high due to bumper purchases, Sensex rises 1245 points

There was a strong rise in the domestic stock market on the last trading day of the week and the first day of the month of March. Sensex and Nifty hit new all-time highs during Friday’s trading session. During this period, Sensex rose by more than 1200 points and crossed 73800 for the first time. On the other hand, Nifty also crossed 22300 for the first time.

During Friday’s trading session, BSE Sensex closed at 73,745.35 with a gain of 1,245.05 (1.71%) points. On the other hand, NSE Nifty gained 355.96 (1.62%) points to close at 22,338.75. On the last trading day of the week, Sensex reached its all-time high of 73,819.21 and Nifty at 22,353.30.

The stock market got a big jump after the country’s strong GDP and positive US inflation data in the third quarter. During Friday’s trading session, the market capitalization of all companies listed on BSE increased by Rs 3.23 lakh crore to Rs 391.18 lakh crore.

Sector-wise, Nifty Auto shares gained 1.2% as companies are about to release sales figures for the month of February. Nifty Metal, PSU Bank and Oil & Gas also registered a gain of 1%. In the broader market, Nifty Midcap100 gained 0.56% and Nifty Smallcap100 gained 0.74%.

Markets will open on Saturday for the second time in 2024
For the second time in the calendar year 2024, stock exchanges BSE and NSE have decided to keep the market open on Saturday despite the weekend holiday. Saturday’s session will not be a mock trading session and there will be live trading during it. This is being done as part of an exercise to assess the preparedness of the system in the event of an unexpected tragedy. This special session is part of the framework of Business Continuity Plan (BCP) and Disaster Recovery Site (DRS) for Stock Exchanges and Depositories. Earlier, even before the consecration of Ram temple in Ayodhya, there was trading in the market on Saturday.