The benchmark S&P BSE Sensex rose 445.29 points, or 0.56%, to settle at 80,248.08, while the broader Nifty 50 index closed up 144.95 points, or 0.6%, at 24,276.05.
Cement maker Ultratech Cement rose 4%, leading the rally on the Nifty 50 index. Maruti Suzuki, Adani Ports and Tata Motors followed suit and were among the top gainers.
India’s economic growth slowed more than expected in the third quarter due to a weaker performance in the manufacturing and mining sectors as well as weaker consumption, but data released on Friday showed the country continued to be the fastest-growing major economy.
Commenting on the day’s action, Vinod Nair, head of research at Geojit Financial Services, said that despite the deceleration in Q2 growth, the market maintained a positive bias as core sector output showed signs of recovery in October.
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“Slow income growth is already a factor in the market and mid and small caps are rebounding. However, investors remain marginally cautious ahead of the RBI’s policy this week due to a downside risk to GDP estimates. Current inflation dynamics are not conducive to a rate cut in the short term and the RBI is likely to make its growth projections for FY25 more realistic,” Nair added.
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