Stock Market: Nifty below 19800 amid sluggishness in global market, Sensex also breaks 172 points
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stock market: The effect of sluggishness in the global market is being seen on the market on the fourth trading day of the week. After the rise of the last three days, today the market is looking weak. In early trade, the 30-share Sensex fell 171.62 points to 66,925.82 points. National Stock Exchange (NSE)’s Nifty was also trading at 19,784.55 points with a loss of 48.6 points. Infosys, HCL Tech, UltraTech Cement, TCS, Bajaj Finance and Nestle were among the losers in the Sensex pack. At the same time, shares of State Bank of India, Sun Pharma, ICICI Bank and IndusInd Bank were trading in profit. According to stock market data, Foreign Institutional Investors (FIIs)FII) bought shares worth Rs 1,165.47 crore on a net basis on Wednesday. Global oil standard Brent crude was up 0.11 percent at $ 79.55 per barrel. Japan’s Nikkei and China’s Shanghai Composite were in loss in other Asian markets. At the same time, Cospi of South Korea, and Hangseng of Hong Kong were in profit.
Rupee strengthened again in the market
The rupee gained 6 paise to open strong at 82.02 per dollar in early trade on Thursday amid steady inflow of foreign funds. Forex dealers said the rise in crude oil prices limited gains for the local currency. The rupee opened at 82.05 at the Interbank Foreign Exchange market and then recovered to 82.02 per dollar. This is an increase of 6 paise over the previous closing price. The rupee had closed at 82.08 against the US dollar on Wednesday. Meanwhile, the dollar index, which gauges the US dollar’s position against a basket of six major currencies, declined 0.22 per cent to 100.06. Global oil benchmark Brent crude oil futures were trading at $79.56 per barrel with a gain of 0.13 per cent.
Amendment in the format of monitoring of shares of small companies
The country’s leading stock exchanges BSE and NSE have revised the Monitoring Measures Framework (ESM) for companies with a capitalization of less than Rs 500 crore. This decision has been taken a month after the stock exchanges made rules to prevent fluctuations in the shares of very small companies. According to circulars issued by BSE and National Stock Exchange (NSE) on Tuesday, the revised monitoring measures format will come into effect from July 24. Earlier, trading in shares placed under ESM Phase-II was allowed only once a week under ‘call auction’ to be held at a fixed margin. Now it has been amended and business has been approved on all business days. However, there has been no change in the norms relating to 100 per cent margin and trade-for-trade settlement for these shares. Apart from this, there is no change in the rules for shares placed under ESM Phase-I.
The boom was seen on Wednesday
The rally in the domestic stock markets continued for the fifth consecutive trading session on Wednesday and the BSE Sensex climbed over 302 points to close at its all-time high. Continued foreign capital inflow and positive trend in global markets kept the market up. According to traders, buying in Reliance Industries and ITC, which have a strong stake in the index, led the market to gain. The thirty-share Sensex closed at a new record level of 67,097.44 points with a gain of 302.30 points, or 0.45 percent. This is the first time the Sensex has closed beyond the 67,000 mark. During the trading, it also reached the highest level of 67,171.38 points with a gain of 376.24 points. The National Stock Exchange’s Nifty also closed at a new peak of 19,833.15 points with a gain of 83.90 points, or 0.42 percent. During trading, it climbed 102.45 points to 19,851.70 points.
These stocks gave profit
NTPC, Bajaj Finance, IndusInd Bank, UltraTech Cement, Bajaj Finserv, State Bank of India, Tata Motors, ITC, Power Grid and Larsen & Toubro were major gainers in Sensex stocks. After the financial results of IndusInd Bank, the bank’s stock rose two percent. The bank said on Tuesday that its consolidated net profit jumped 30 per cent to Rs 2,124.50 crore in the April-June quarter of the current financial year mainly due to increase in income and reduction in provisioning for bad loans. On the other hand, Tata Consultancy Services, Bharti Airtel, Maruti, Hindustan Unilever, Nestle and ICICI Bank were among the losers. Religare Broking Ltd. Ajit Mishra, Senior Vice President (Technical Research), said that the market remained range-bound but maintained the bullish momentum and finally closed at the day’s higher level. With a positive trend in the US, the index is moving towards new highs every day due to buying in various sectors.
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