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Today, on 28 May, the Indian stock market is witnessing a rise. The Sensex is trading at 75,600 with a gain of more than 150 points. At the same time, the Nifty has also jumped more than 50 points. It is trading at the level of 23,000.
Earlier, yesterday i.e. on 27 May, the stock market had made an all-time high. Sensex made a highest level of 76,009. Along with this, Nifty touched the level of 23,110. However, later the market closed with a slight decline.
3 reasons for the boom in the stock market
Prime Minister Narendra Modi said in an interview that, 'I can say with confidence that as soon as BJP touches record numbers on June 4, the stock market will also reach a new record high.' This statement is having a positive impact on the market.
The RBI board has approved a record surplus transfer of Rs 2,10,874 crore to the government for the financial year 2024. In the last financial year 2022-23, the RBI had transferred a surplus of Rs 87,416 crore to the government. That is, this is Rs 1.23 lakh crore more than last year.
Foreign institutional investors (FIIs) have been selling since April but buying by domestic institutional investors (DIIs) like LIC and mutual funds has kept the market bullish. While in May so far, FIIs have net sold shares worth Rs. 22,046 crore while DIIs sold shares worth Rs. 40,798 crore.
The market fell after hitting an all-time high yesterday
Earlier, yesterday i.e. on 27 May, the stock market had made an all-time high. The Sensex made a highest level of 76,009. Along with this, the Nifty touched the level of 23,110. However, today the market came down from the high and closed with a slight decline. The Sensex closed 19 points down at 75,390. At the same time, the Nifty closed at 22,932 with a decline of 24 points.
