The process of making new records every day in the Indian stock markets continues. On Thursday, the government took several relief measures for the telecom, banking, auto sectors, due to which there was a lot of buying in the stock market and the indices closed in the green mark for the third consecutive day.
Sensex crossed the 59,000 level for the first time. The 30-share index Sensex on Thursday gained 417.96 points, or 0.71 percent, to close at a new record of 59,141.16. During intraday, it had touched a high of 59,204.29 points.
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Similarly, the Nifty of the National Stock Exchange closed at a new high of 17,629.50, up 110.05 points, or 0.63 per cent. During intraday it had gone up to 17,644.60 points. IndusInd Bank was the biggest gainer of 7.34 percent in Sensex shares. Apart from this, shares of ITC, SBI, Reliance Industries, Kotak Bank, ICICI Bank and Axis Bank also saw a jump. On the other hand, shares of TCS, Tech Mahindra, Tata Steel, Bharti Airtel, HCL Tech and Dr Reddy’s remained in the red.
A stock market analyst said, “The stock market is looking strong and its uptrend is likely to continue even further. Foreign investment has increased in emerging markets like India. Apart from this, the pace of vaccination is also a good sign. , which will contribute to the economic recovery.” Foreign Institutional Investments (FIIs) bought shares worth Rs 232.84 crore on Wednesday.
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Vinod Nair, Research Hedge, Geojit Financial Services, said, “The country’s stock markets have reached new highs with the reforms. The main reason for the rally in the market was heavy buying by banks, especially public sector banks. The banking sector can also see a boom in the coming days. ”
“A decline in asset-linked stocks in China led to a softening in Asian stock markets. However, there was a bullish trend in the European markets. Sensex and Nifty have given around 23-25 per cent returns this year, while MSCI World Index has given 16 per cent and MSCI EM has given negative returns of 0.2 per cent.
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S Ranganathan, Head of Research, LKP Securities said, “Bad Bank has given a lot to the bull investors of the market before commencing its operations. Due to this the market reached above the record 59,000.
However, Siddharth Khemka, Head of Retail Research, Motilal Oswal Financial Services, says that the stock market may see volatility in the coming days. He said, “Global signals are saying something similar. Apart from this, increasing cases of delta variants at the global level also remain a cause for concern. The Federal Reserve Bank of America has a meeting next week, in which it will take important decisions related to interest rates. In such a situation, investors are advised to be careful.
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