look news india
After the presentation of the Union Budget on Tuesday, the stock market witnessed a decline. But on Friday the decline stopped and both the BSE Sensex and Nifty witnessed a record rise.
The Sensex closed nearly 1,300 points higher on strong buying in domestic stock markets. On the last trading day of the week, the combined market capitalisation of BSE-listed companies rose by Rs. 7.16 lakh crore to Rs. 456.98 lakh crore. The National Stock Exchange's Nifty also closed at 24,834.8 points, up 428.7 points or 1.76 per cent. Between July 18 and July 25, the benchmark indices – BSE Sensex and Nifty 50 – fell per cent as investors booked profits in large-cap stocks. Notably, the BSE Sensex fell by nearly 1300 points in these five sessions. With the end of the July F&O series putting budget-related concerns behind investors, they seem to be investing afresh in the market. The Nifty IT index rose 2.54 per cent to a new record high of 41,073.65 on hopes of a rate cut by the Federal Reserve after stronger-than-expected US GDP data. Positive results from Indian IT companies boosted the rally.
Shares of LIC and Eicher Motors hit record highs
Public sector insurance company-LIC recorded a record price on Friday. On February 9, the share price of LIC reached an all-time high of 1175. After touching the figure of 1197 intra-day on Friday, it closed at 1180. The market cap of LIC has also reached 7.34 lakh crores. With this, it has become the 8th largest company among government listed companies. At the same time, due to the boom in the auto sector, the share price of bullet maker Eicher Motors crossed the record level of five thousand. At one time, the share price of Eicher Motors reached its fifty-two week high of 5057. At the time of market closing, Eicher's price rose by Rs 115 to close at Rs 5016. Despite tough competition from other auto companies, Eicher's profits have increased rapidly. Eicher Motors has a share of 88 percent in the premium bike segment.