Amidst the prevailing bullish trend in the market, the major benchmark index has registered a rise of over 2 percent in the last two trading sessions. On Tuesday, the Sensex closed at the level of 82,055, which is a result of increasing investor confidence and positive global signals.
Closing Bell: The Indian stock market continued its upward trend on Thursday. The market closed in the green for the third consecutive day, filling investors' portfolios with profits. Both the Sensex and Nifty indices closed with strength. The market's rally was bly supported by दिग्गज stocks like HDFC Bank, Bharti Airtel, and Reliance.
Sensex Shows Its Strength Again
The BSE Sensex opened b on Thursday, gaining 100 points, and maintained its strength throughout the trading day. At one point during the day, it reached the level of 83,812 points. Finally, it closed at 83,755.87, up 1000.36 points or 1.21 percent. This is a jump of more than 1,700 points compared to two days ago.
Nifty Also Showed Momentum
The National Stock Exchange's key index, Nifty-50, also opened with gains today and went up to a high of 25,565.30. It finally closed at 25,549, up by 304.25 points or 1.21 percent. Nifty has recorded a gain of more than 500 points in two days, which has been quite beneficial for investors.
A Look at Top Gainers and Losers
Among the stocks of Nifty 50 that benefited the most in today's trading were Shriram Finance, Jio Financial, Tata Steel, Bharti Airtel, and Hindalco. These stocks saw gains of 2.5 to 3.7 percent. On the other hand, stocks like Dr. Reddy's Lab, Tech Mahindra, Wipro, SBI, and Hero MotoCorp showed weakness. The decline in these ranged between 0.45 and 1.3 percent.
Bank Nifty Provided Strength
The banking sector contributed significantly to the market's strength today. Bank Nifty reached the level of 57,263.45 with a gain of 1.13 percent and finally closed at 57,206.70 with a gain of 1.03 percent. This indicates increasing confidence in the banking sector and b fundamentals.
Midcap and Smallcap Showed Sluggishness
While large-cap stocks showed gains, midcap and smallcap stocks were somewhat sluggish. The Nifty Midcap 100 and Nifty Smallcap 100 indices closed down by 0.59 percent and 0.42 percent, respectively. This brought slight disappointment to small investors.
Sensex Jumps 2 Percent in Last Two Days
The current market rally has been ongoing for the last two days. The Sensex closed at 82,055 points on Tuesday, while today it closed at 83,755. That is, a gain of about 1,700 points or 2.07 percent was recorded in two sessions. Similarly, Nifty also saw a jump of about 500 points in two days.
Good Signals from Global Markets
Global signals also played a significant role in today's trading. There was a mixed trend in the Asia-Pacific markets. Japan's Nikkei index rose 0.98 percent, while the Topix index saw a gain of 0.48 percent. South Korea's Kospi fell 0.51 percent and Australia's ASX 200 weakened by 0.11 percent.
Weakness in US Markets but Hope Remains
In a statement before the Senate, US Federal Reserve Chairman Jerome Powell indicated that interest rate cuts are possible if inflation eases. However, he did not mention any specific timeframe. After this, there was a mixed reaction in the US markets. The S&P 500 closed slightly lower at 6,092.16, while the Nasdaq rose 0.31 percent to reach 19,973.55. The Dow Jones fell 0.25 percent.
RBI Report on the Indian Economy
A recent report by the Reserve Bank of India revealed that the Indian economy is moving forward bly despite global uncertainties. According to the report, the repo rate has been cut by 100 basis points since February, bringing it down to 5.5 percent. Furthermore, a 100 basis point CRR cut since September is expected to bring approximately ₹2.5 lakh crore of additional cash into the market. This will increase the availability of loans and reduce the cost of borrowing.
