Share Market: Sensex closed at record high, Nifty near 21,000 points, investors made huge profits.
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Stock Market Closing Bell: The Indian stock market continued to rise for the seventh consecutive trading session on Wednesday and BSE Sensex closed at a new record level with a gain of 358 points. NSE Nifty also reached its highest ever level. According to traders, the market remained bullish due to capital inflows by foreign institutional investors along with buying in Reliance Industries, ITC and L&T, which have a strong stake in the index. Apart from this, the sentiment was also strengthened by the softening of crude oil prices in the international market. BSE Sensex based on 30 shares closed at a new record level of 69,653.73 points with a gain of 357.59 points or 0.52 percent. During trading it had gone up to 69,744.62 points. National Stock Exchange’s Nifty also strengthened by 82.60 points or 0.40 percent and closed at its highest ever level of 20,937.70 points. Vinod Nair, head of research at Geojit Financial Services, said that expectations have increased in the market after the results of the assembly elections. This confirms the continuation of the existing policies and meets the expectations of investors. The return of foreign institutional investors to the market along with softening of inflation and fall in bond yields in the American and Indian markets is also providing strength. After the fall in crude oil prices, the attraction in the Indian market also increased due to less pressure at the global level.
Profit found in Wipro-Tata Motors
Out of 30 Sensex shares, 20 were in profit while out of 50 Nifty shares, 30 were in profit. Among Sensex companies, Wipro had the highest gain of 3.85 percent. Apart from this, ITC, L&T, TCS, Tata Motors, Nestle India, Infosys and Bajaj Finance were major gainers. On the other hand, loss making stocks include NTPC, Axis Bank, UltraTech Cement and ICICI Bank. The BSE Largecap index, representing the majority of shares, rose 0.61 percent. Whereas midcap gained 0.19 percent while smallcap gained 0.18 percent. Vinod Nair said that the IT sector gained momentum due to reduced risk of recession in America. At the same time, due to high demand in summer, there was a boom in the power sector. However, he cautioned that profit-booking may be seen in the short term amid concerns over valuations. He said that apart from this, considering the risk of El Nino, decreasing reservoir level and reduction in sowing, RBI probably will not increase the growth estimate for the second half of the financial year 2023-24. Also, there is little possibility of reducing the inflation forecast for the coming time.
Why did the Indian market rise?
According to analysts, the fall in bond yields in America and continuous buying by foreign institutional investors are giving impetus to the market rise. At the same time, domestic investors are placing bets with the hope of favorable economic data including GDP and political stability in the country. Apart from this, investors are expecting that the Reserve Bank of India will keep the policy rate unchanged in the bi-monthly monetary policy review on Friday. According to stock market data, foreign institutional investors bought shares worth Rs 5,223.51 crore on Tuesday. Meanwhile, in other markets of Asia, Hong Kong’s Hang Seng and Japan’s Nikkei were in gain while China’s Shanghai Composite was in loss. There was a bullish trend in the major markets of Europe in afternoon trading. There was a mixed trend in American markets on Tuesday. Global oil benchmark Brent crude fell 0.31 percent to $76.96 per barrel.
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