Stock market rose for the second consecutive day, Sensex and Nifty closed in the green.
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This week there has been huge ups and downs in the stock market. Meanwhile, on the last day of the week, the Indian stock market closed on the green mark. The local stock market witnessed a rise for the second consecutive day. With this, Sensex was seen trading with a profit of 242 points. On Friday, strength was seen in IT and auto stocks.
During market closure on Friday, Sensex closed at 71106 with a gain of 242 points. Even on the last day of this week, Sensex succeeded in trading above 71000. National Stock Exchange’s Nifty achieved success by closing at 21331 with a jump of 76 points. Local stock markets remained bullish for the second consecutive day on Friday and BSE Sensex gained 242 points. The market remained in the lead mainly due to buying in IT stocks and strong trend of American markets.
The Sensex based on 30 shares closed at 71,106.96 with a gain of 241.86 points or 0.34 percent. At one time during trading it had climbed 394.45 points. National Stock Exchange’s Nifty also closed at 21,349.40 points with a rise of 94.35 points or 0.44 percent. Among Sensex companies, Wipro had the highest gain of six percent. Apart from this, HCL Technologies, Tata Motors, Maruti, Tata Steel, Infosys, Tech Mahindra, Larsen & Toubro and JSW Steel were also major gainers.
On the other hand, loss-making stocks include State Bank of India, Bajaj Finance, ICICI Bank, HDFC Bank, Axis Bank and IndusInd Bank. Vinod Nair, Head of Research, Geojit Financial Services, said, “The market remained bullish due to the strategy of buying on dips… Shares of medium and small companies were in demand. The market strengthened due to softening of crude oil prices and expectation of policy rate cut next year. The policy rate cut has been supported by slower than expected GDP (gross domestic product) figures in the US and a weak trend in the dollar.
In other markets of Asia, Japan’s Nikkei was in profit while South Korea’s Kospi, China’s Shanghai Composite and Hong Kong’s Hang Seng were in loss. There was a mixed trend in early trade in major markets of Europe. The US market remained in positive territory on Thursday. Global oil benchmark Brent crude rose 1.01 percent to $80.19 per barrel. According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 1,636.19 crore on Thursday. Sensex had strengthened by 358.79 points and Nifty by 104.90 points on Thursday.
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