Indian equity indices witness sharp rally on resilient Q1 GDP data, SCO outcomes

Mumbai, Sep 1 (IANS) The domestic benchmark indices ended the session in green on Monday, registering a sharp rally amid heavy buying in IT and automobile stocks.

The unprecipitated Q1 FY26 GDP growth rate (7.8 per cent) boosted the investor sentiment amid global uncertainties, as experts welcomed the joint statement of the Shanghai Cooperation Organisation (SCO) condemning the Pahalgam terror attack, lauding Prime Minister Narendra Modi for firmly presenting India's stand on cross-border terrorism on the global platform.

Sensex settled at 80,364.49, up 554.84 points or 0.70 per cent. The 30-share index started the session flat at 79,828.99 against the last session closing of 79,809.65. However, the index picked up the gaining momentum amid overall buying, especially in IT and Auto stocks. It touched an intra-day high at 80,406.84.

Nifty ended the session at 24,625.05, up 198.20 points or 0.81 per cent.

India’s Q1 GDP growth of 7.8 per cent, exceeding projections, has reinforced investor confidence in the economy’s resilience amid global uncertainties.

"Expectations of GST rationalisation at the upcoming council meeting continue to bolster sentiment, supporting discretionary consumption," said analysts. This optimism is particularly benefiting sectors such as Auto and Consumer Durables.

Mahindra and Mahindra, Tata Motors, Adani Ports, Trent, Eternal, Infosys, Asian Paints Tech Mahindra, Axis Bank, PowerGrid, Bajaj FinServ, Bajaj Finance, BEL, Tata Steel, Ultratech Cement, NTPC, ICICI Bank, TCS, and HCL Tech were the gainers in the Sensex basket. While Sun Pharma, ITC, and Hindustan Unilever were the top losers.

The majority of sectoral indices advanced amid buying interests. Nifty Fin Service escalated 175.80 points or 0.69 pr cent, Nifty Bank advanced 346 points or 0.65 per cent, Nifty Auto soared 699 points or 2.80 per cent, and Nifty IT surged 559.40 points or 1.59 per cent.

Broader market followed suit as well, Nifty Small cap 100 jumped 271.10 points or 1.57 per cent, Nifty Midcap 100 rallied 1,098 points or 1.97 per cent, and Nifty 100 soared 228 points or 0.91 per cent.

--IANS

aps/na