Share market rises for fourth consecutive day, Sensex rises 899 points, Nifty crosses 23,000
Stock market: The local stock market closed in the fourth consecutive session on Thursday due to domestic shopping in domestical companies amid mixed signals of global markets. The Sensex rose by 899 points while Nifty jumped 283 points. Analysts stated that the assignment of the US Federal Reserve’s interest rate cuts was strengthened by the assumption of investors by maintaining an estimate of interest rate cuts and loud purchases in veteran shares Reliance Industries, Bharti Airtel and IT stocks.
BSE’s 30 -share standard index Sensex Sensex jumped 899.01 points, or 1.19 percent, closed at 76,348.06 points and then reached 76,000 level. During the trading, the Sensex rose 1,007.2 points to 76,456.25 at a time.
Among the companies listed in the Sensex, the shares of Bharti Airtel, Titan, Tata Consultancy Services, Hindustan Unilever, Infosys, Nestle, Reliance Industries, Mahindra & Mahindra, HDFC Bank and Tata Motors increased significantly.
On the other hand, the shares of IndusInd Bank, Bajaj Finance and UltraTech Cement closed down. Meanwhile, the US central bank Federal Reserve said on Wednesday that the US economy still looks healthy enough to keep interest rates unchanged.
Ravi Singh, Senior Vice President (Retail Research), Railor’s Broking Limited, said, “The Federal Reserve announced to keep the policy rate within 4.25-4.50 percent. Policy makers are expected to cut rates twice this year. This decision will have a mixed effect on the move, capital flow and market perception in India. ,
In other markets of Asia, South Korea’s Cupi closed in a positive realm, while China’s Shanghai Composite and Hong Kong’s Hangseng were in decline. Japan’s Nikki remained closed due to holiday. European stock markets were trading in the afternoon session with a decline. There was a significant rise in the US markets on Wednesday.
Vinod Nair, head of research from Geojit Financial Services, said, “The continuous decline in the US Dollar Index has reduced the intensity of selling of foreign investors while the purchase of domestic institutional investors remains strong, which has led to the recent boom.”
According to the stock market data, foreign institutional investors (FIIs) once again became a selling after a day’s relief and sold shares worth Rs 1,096.50 crore on Wednesday. However, domestic institutional investors (DIIs) bought shares worth Rs 2,140.76 crore.
Global oil standard brent crude rose 0.32 percent to $ 71.01 per barrel. The Sensex rose 147.79 points on Wednesday to 75,449.05 points and the Nifty to 73.30 points to 22,907.60 points.
