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There has been a tremendous rise in the Indian stock market today, due to which the trend of recession and decline that has been going on for the last several sessions has finally come to an end. Due to this spectacular comeback of the market, happiness has returned on the faces of the investors and an atmosphere of bull run has been created all around. Bombay Stock Exchange’s main index Sensex is trading in the green with a jump of more than 550 points, while National Stock Exchange’s Nifty has also crossed the important psychological level of 24200. Infosys, one of the leading IT stocks, has registered a strong rise of about 2%, due to which enthusiasm is being seen in the entire technology sector.
Strong comeback after slowdown in stock market
The domestic stock market, which has been facing continuous pressure for the last few trading sessions, has made a strong comeback today and has picked up a new positive momentum. Major benchmark indices opened with strong gains in the early hours of trading and within no time vigorous buying started in the market. Experts believe that positive signals from global markets and softening of US bond yields have increased the confidence of domestic investors. All 30 Sensex stocks were seen trading in the green in the initial phase, which is a testimony to the fact that this rise is not limited to any one sector but is broad based.
A look at the data of Sensex and Nifty
In Thursday’s early trade, BSE Sensex was seen trading around 77,460 with a jump of about 550 points, whereas in the previous session it had fallen to close at 76,909. On the other hand, NSE Nifty also regained its old momentum and crossed the level of 24,200 and made a strong hold above 24,209. Due to this surge in the market, there has been a huge increase in the wealth of investors within a few hours. Experts say that if conditions remain favorable on the global front, this bull run may continue further and the market may touch new peaks.
Great performance of Infosys and IT shares
In today’s trading, shares of the leading technology company Infosys have seen a rise of about 2 percent, due to which it has become a center of attraction among investors. Apart from Infosys, heavy buying was also seen in big stocks like Tata Consultancy Services (TCS), Tech Mahindra, HCL Tech and Bajaj Finance. Shares of automobile, banking and financial services sectors have also played an important role in lifting the market. Due to this all-round buying, the market breadth remains completely positive.
Main reasons behind the rise in the market
There are many big reasons hidden behind this sudden rise in the Indian stock market. The sentiment in the global equity market has improved due to softening of US treasury yields, which has directly benefited the Indian markets. Apart from this, the market has got a huge boost due to fresh fund inflows from Foreign Institutional Investors (FIIs) and short covering at lower levels. Crude oil prices remained stable in early trade, due to which relief is being felt on the macro-economic front as well. However, experts also suggest that investors should focus on select and strong fundamentals in their portfolio keeping in mind the geopolitical tensions.