Stock market continues to rise, Sensex rises 330 points
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Amid mixed trend in global markets, both benchmark indices closed higher for the second consecutive session on Monday due to buying in Reliance Industries, HDFC Bank and ICICI Bank in the local stock markets. Traders said that despite the tension in West Asia, investors’ confidence has increased due to weak international crude oil prices.
BSE’s 30-share index Sensex managed to recover from the sharp selling in morning trade and closed at 64,112.65 points, up 329.85 points or 0.52 per cent at the end of trading. At one time during trading it had increased by 401.78 points to reach 64,184.58 points.
Nifty of National Stock Exchange (NSE) also reached 19,140.90 points with a gain of 93.65 points or 0.49 percent. Among the Sensex companies, UltraTech Cement, Reliance Industries, ICICI Bank, HDFC Bank, Bharti Airtel, IndusInd Bank, State Bank of India, Tata Consultancy Services, Larsen & Toubro, Kotak Mahindra Bank and State Bank of India were the major gainers.
In contrast, shares of Tata Motors, Maruti Suzuki, Axis Bank, Mahindra & Mahindra, ITC, NTPC, Tata Steel and Bajaj Finserv declined. In other markets of Asia, South Korea’s Kospi, China’s Shanghai Composite and Hong Kong’s Hang Seng closed with gains while Japan’s Nikkei declined.
European markets were trading with gains in the afternoon session. On Friday, most of the American markets closed with losses. Meanwhile, international oil benchmark Brent crude fell 1.55 per cent to $89.18 per barrel.
Vinod Nair, head of research, Geojit Financial Services, said, “The domestic market reflected the enthusiasm of European and Asian markets. There has been a surge in the stock market after heavy selling last week. The reason for this is the fall in crude oil prices along with the second quarter results of the companies.
According to stock market data, foreign institutional investors (FIIs) had sold shares worth Rs 1,500.13 crore on Friday. FIIs have withdrawn Rs 20,300 crore from Indian stock markets so far this month.
The main reason for this is the sharp rise in US bond yields and the uncertainty created by the Israel-Hamas conflict. This was the second consecutive session of bullishness in the stock markets. On Friday also, the Sensex jumped 634.65 points and closed at 63,782.80 points, while the Nifty rose 190 points to 19,047.25.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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