Indian equity benchmark -- Nifty -- ended Thursday’s trading session above its crucial 24000 mark for the first time. Index opened with caution and witnessed volatility in early morning session, as traders were anxious with exchange data showing that foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,535.43 crore on Wednesday. However, index managed to trade higher in late morning session, as traders found support after the National Council of Applied Economic Research (NCAER) has said that India's economy is set to achieve significant growth, with projections nearing 7.5% for the current fiscal year (FY25). Besides, CRISIL’s report stated that India’s current account surplus in the fourth quarter of the 2023-24 fiscal was aided by narrowing of the merchandise trade deficit, an increase in remittances and a surplus in services trade. The country’s current account recorded a surplus of $5.7 billion, which is 0.6 per cent of the GDP, in the fourth quarter of the last financial year.
In afternoon session, index continued to trade with gains and remained higher till end. Traders took note of report that president Droupadi Murmu during the joint session of the Parliament said that the BJP-led NDA government has given importance to all the three pillars of the economy -- Manufacturing, Agriculture and Services. She said that India is emerging as a leader in every sector from IT to tourism and from health to wellness. In final hour of trade, index spiked up and touch fresh record high.
