look news india
Big smiles have once again returned on the faces of investors during trading on Dalal Street. Today, both the major indices Sensex and Nifty have made a strong comeback, putting brakes on the ongoing selling and sluggishness in the Indian stock market for the last few days. Bombay Stock Exchange (BSE)’s 30-share sensitive index Sensex closed on a strong note with a jump of over 430 points.
On the other hand, Nifty 50 of National Stock Exchange (NSE) also recorded a spectacular rise of more than 130 points, due to which Nifty once again managed to cross the important psychological level of 25,200. This broad-based buying in the market has increased the wealth of investors by thousands of crores and has largely removed the clouds of uncertainty prevailing on Dalal Street.
In today’s trading session, the shares of IT Sector, Banking Sector and Reliance Industries had the biggest role in pulling the market up. Major IT stocks like Tata Consultancy Services (TCS), Infosys, HCL Tech and Tech Mahindra saw a rise of 2 to 3 percent on expectations of improvement in domestic and global demand.
Along with this, private banking sector heavyweights like HDFC Bank and ICICI Bank also saw good value buying from lower levels. Market experts believe that due to positive signals from global markets, stability in international crude oil prices and slowing down of selling by foreign institutional investors (FIIs), the confidence of domestic investors has once again strengthened.
Not only largecaps, but midcap (BSE Midcap) and smallcap (BSE Smallcap) indices also performed in-step with the frontline indices throughout today’s trading session. There was good buying environment in auto, FMCG, reality and metal sector shares throughout the day.
The total market capitalization of companies listed on the Bombay Stock Exchange increased significantly in a single session today, leading to huge profits for both retail and institutional investors. Stock market experts say that expectations of strong corporate earnings before the upcoming quarterly earnings have also helped in making the sentiment positive.
Market analysts and technical experts say that the level of 25,100 was acting as a strong support for Nifty, and now after staying above 25,250, the bullish momentum in the market may continue further. However, investors are being advised to remain cautious and invest only in those companies whose fundamentals are strong and whose upcoming financial results are expected to be better.
In the coming days, economic data coming from America, Federal Reserve’s interest rate strategy and domestic quarterly results of companies will play a very important role in deciding the future direction of the Indian stock market.