Sensex jumps 600 points, Nifty crosses 23,400; Concord Biotech shares catch bullet train speed

There was excitement in the Indian stock market since this morning and both the major indices of the market were seen trading in the green. On the basis of all-round buying, the Bombay Stock Exchange index Sensex (BSE Sensex) reached a strong position by jumping by more than 600 points. On the other hand, the National Stock Exchange’s Nifty (NSE Nifty) is also trading near the very important level of 23,400, leaving behind its old decline. Market experts believe that value buying done by domestic investors at lower levels (buying good shares at cheap prices) and the strength in selected heavyweight stocks has changed the sentiment of the entire market, which has brought great relief to the investors.

There was a huge rise in the shares of Concord Biotech, there was an influx of buyers. Amidst this spectacular market rally, shares of pharma sector giant Concord Biotech have attracted the attention of investors. The shares of the company are registering a strong rise since this morning and this share is shining in the list of today’s top gainers. Due to the recent approvals received by the company from USFDA and its growing presence in the US generics market, investor confidence in this stock has strengthened significantly. According to market analysts, due to the positive changes coming in the pharmaceutical sector and strong financial outlook of the company, Concord Biotech stock is witnessing huge buying volume today, due to which it remains the center of attraction in the stock market.

These sectors provided support to the market, got strength from short covering Banking, IT and metal sectors have played the biggest role in leading this big boom today. After continuous selling in the last few sessions, today traders started short covering (buying back the sold positions), which gave the market lower support and the indices rapidly moved upwards. However, due to rising crude oil prices globally and continuous selling by foreign institutional investors (FIIs), some caution is being seen in the market, but due to the strong support of domestic institutional investors (DII) and retail investors, the Indian market is converting every decline into a buying opportunity. Experts say that if Nifty manages to stay firmly above the level of 23,400, then the market can touch new record levels in the coming days.