Stock market rises for the third consecutive day, Sensex jumps 529 points to new record level
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There was a downward trend in early trading in major markets of Europe. There was a mixed trend in the US market on Friday. Meanwhile, global oil benchmark Brent crude declined 1.62 per cent to USD 78.58 per barrel.
The rally in the local stock markets continued for the third consecutive trading session on Monday and the BSE Sensex once again closed at a new record level with a jump of 529 points. The Nifty of the National Stock Exchange also reached its all-time high. According to analysts, buying by foreign institutional investors as domestic companies’ Q1 results came in line with expectations amid a mixed trend in global markets, led to a rise in local equities. The 30-share BSE Sensex closed at 66,589.93, up 529.03 points, or 0.80 percent. This is its all-time high so far. During the trading, the Sensex had gone up to a record 66,656.20 points with a gain of 595.31 points, or 0.90 percent.
The National Stock Exchange’s Nifty also closed at an all-time high of 19,711.45 points, up 146.95 points, or 0.75 percent.During trading, it jumped 167.35 points to record 19,731.85 points. State Bank of India was the top gainer in the Sensex pack, gaining 2.82 per cent. Besides, Wipro, Reliance Industries, HDFC Bank, Kotak Mahindra Bank and IndusInd Bank were major gainers. Shares of HDFC Bank gained two per cent after the announcement of its financial results. The bank’s consolidated net profit increased by 29.13 percent to Rs 12,370.38 crore in the June quarter. Tata Motors, Bharti Airtel, Titan and JSW Steel were among the losers.
Vinod Nair, Head of Research, Geojit Financial Services, said, “The domestic market showed strength despite a mixed trend in Asian markets on lower than expected growth rate in China. The reason for this is that the first quarter financial results of the companies are expected to be better.The growth rate of China’s economy was less than expected ie 6.3 percent in the second quarter of April-June. Analysts had been expecting China’s economy to grow faster in the current April-June quarter due to a slower pace of growth in the same period last year. Religare Broking Ltd. Ajit Mishra, Senior Vice President (Technical Research), Ltd. said, “Our stance has been confirmed by the strength in the Bank indices following the rally in IT stocks. We are now eyeing Nifty to gradually touch new highs i.e. 20,000 mark.
Among the indices, BSE Smallcap (Index of small companies) and Midcap (Index of stocks of medium companies) gained 0.85 per cent and 0.29 per cent respectively. According to stock market data, FIIs remained net buyers. He bought shares worth Rs 2,636.43 crore on Friday.South Korea’s Cospi and China’s Shanghai Composite were in loss in other Asian markets. There was a downward trend in early trading in major markets of Europe. There was a mixed trend in the US market on Friday. Meanwhile, global oil benchmark Brent crude declined 1.62 per cent to USD 78.58 per barrel.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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