At 10:30 IST, the barometer index, the S&P BSE Sensex soared 2,138.04 points or 2.88% to 76,093.05. The Nifty 50 index surged 662.15 points or 2.94% to 23,192.85.

The Sensex and Nifty clocked an all-time high of 76,738.89 and 23,338.70 respectively in early trade.

In the broader market, the S&P BSE Mid-Cap index rallied 3.19% and the S&P BSE Small-Cap index advanced 1.94%.

The market breadth was strong. On the BSE, 2,715 shares rose and 956 shares fell. A total of 169 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 10.71% to 12.92.

Economy:

India's GDP grew at 7.8% in Q4 of FY24, raising the full-year growth estimate to 8.2%, according to data released by the Ministry of Statistics and Programme Implementation (MOSPI) on Friday.

India's GST collections rose 10% YoY to Rs 1.73 lakh crore in May 2024, driven by a surge in domestic spending. This strong domestic performance points to a healthy economy, despite a 4.3% decline in imports.

Meanwhile, the combined Index of Eight Core Industries (ICI) increased by 6.2% (provisional) in April, 2024 as compared to the Index in April, 2023. The production of Electricity, Natural Gas, Coal, Steel, Refinery Products, Crude Oil and Cement recorded positive growth in April 2024. The final growth rate of the Index of Eight Core Industries for January 2024 is revised to 4.1%. The cumulative growth rate of ICI during 2023-24 reported 7.6% (provisional) as compared to the corresponding period of last year.

Further, after rising for three consecutive weeks, India’s forex reserves fell $2.027 billion to $646.673 billion for the week ended May 24, according to the latest RBI data.

For the week ended May 24, foreign currency assets, a major component of the reserves, decreased by $1.51 billion to $567.499 billion, the data released on May 31 showed.

Gold reserves decreased by $482 million to $56.713 billion during the week ended May 24. The special drawing rights (SDRs) were down by $33 million to $18.135 billion, according to the latest RBI data.

India’s reserve position with the IMF was also down by $1 million to $4.326 billion in the reporting week, the apex bank data showed.

Buzzing Index:

The Nifty PSU Bank index surged 6.37% to 7,856.75. The index rallied 7.73% in two trading sessions.

Bank of Baroda (up 8.98%), Central Bank of India (up 7.97%), State Bank of India (up 6.72%), Indian Overseas Bank (up 6.31%), Canara Bank (up 5.85%), Bank of India (up 5.79%), UCO Bank (up 5.53%), Punjab & Sind Bank (up 5.32%), Indian Bank (up 5.27%) and Punjab National Bank (up 4.94%) advanced.

Stocks in Spotlight:

Eicher Motors declined 1.71%. The vehicles manufacturer’s unlisted subsidiary, VE Commercial Vehicles (VECV) reported 9.7% year over year increase in commercial vehicles (CV) sales to 6,901 units in May 2024.

Adani Ports and Special Economic Zone rallied 10.68% after the company said that it has handled approximately 35.8 million metric tonnes (MMT) of cargo volumes in May 2024, which is almost flat on a year-over-year (YoY) basis.