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The Indian stock market has returned to its glory today due to all-round buying. Major indices closed in the green on the back of heavy buying by domestic institutional investors and positive signals from global markets. In today’s trading, Bombay Stock Exchange’s Sensex managed to gain more than 400 points, while National Stock Exchange’s Nifty also crossed the important psychological level of 24,100. Due to this market surge, a huge increase in the wealth of investors has been recorded today.
Bumper jump of 7 percent in shares of Exide Industries
In today’s intraday trade, the most movement was seen in the shares of auto component and battery manufacturing giant Exide Industries. Its shares jumped more than 7 percent on news of the company’s strong plans in the EV (electric vehicle) vertical and improvement in order book. After this rise, a huge increase in volume has also been seen and experts believe that this stock can touch new record levels in the coming days.
IT and banking stocks gave strong support to the market
Heavyweight stocks from IT, auto and banking sectors had the biggest contribution in maintaining the market at today’s high levels. After a sluggish start in the morning, the afternoon session saw a good recovery from lower levels in major stocks like Reliance, HDFC Bank and Infosys. Due to expectations of cut in interest rates globally and strong domestic liquidity, market sentiment appeared completely in favor of bulls.
Midcap and smallcap indices also shine due to strong local demand
Not only in big stocks, but midcap and smallcap indices also witnessed strong buying due to strong economic demand coming from different parts of the country. The expansion of industrial activities in India’s tier-2 and tier-3 cities is expected to improve the profits of companies operating locally. For this reason, retail investors participated enthusiastically in the broad market today, which further strengthened the all-round growth of the market.
