Stock market starts strong on first day of new financial year, Sensex rises 363 points
[ad_1]
Mumbai The first day of the new financial year had a strong start in the local stock markets on Monday and BSE Sensex gained 363 points. At one time during trading, both the benchmark indices Sensex and NSE Nifty had reached their all-time high. The domestic market remained bullish for the third consecutive trading session on the back of strong trend in other markets of Asia and foreign capital inflows. The Sensex based on 30 shares closed at 74,014.55 points with a gain of 363.20 points or 0.49 percent.
During trading, at one point it had climbed 603.27 points to an all-time high of 74,254.62 points. National Stock Exchange’s Nifty also closed at 22,462 points with a gain of 135.10 points or 0.61 percent. At one time during trading, it had climbed 203.05 points to a record level of 22,529.95. Among Sensex companies, JSW Steel, Tata Steel, UltraTech Cement, NTPC, Larsen & Toubro and HDFC Bank were the major gainers. On the other hand, the loss making stocks include Titan, Nestle, Bharti Airtel and IndusInd Bank.
Vinod Nair, head of research, Geojit Financial Services, said, “The domestic market had a good start on the first day of the new financial year. There are indications that the momentum will remain favorable in the near future. This confidence was quickly supported in global markets. Global markets remained bullish on expectations of a policy rate cut by the US central bank the Federal Reserve in June. Apart from this, the expectation of better financial results of companies in the fourth quarter of the financial year 2023-24 also supported the market.
Nair said metal stocks performed well. The reason for this is the better PMI (Purchasing Manager Index) figures in China. This indicates that economic revival is accelerating. In other markets of Asia, South Korea’s Kospi and China’s Shanghai Composite were in profit while Japan’s Nikkei was in loss. There was a mixed trend in the American market Wall Street on Thursday.
According to stock market data, foreign institutional investors bought shares worth Rs 188.31 crore on Thursday. Global oil benchmark Brent crude fell 0.10 percent to $ 86.91 per barrel. The stock market was closed on Friday on the occasion of ‘Good Friday’. BSE Sensex gained 14,659.93 points or 24.85 percent in the financial year 2023-24, while Nifty gained 4,967.15 points or 28.61 percent.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
[ad_2]
Source link
