HomeBusinessShares jump for fourth consecutive session; Nifty crosses 18,000 level

Shares jump for fourth consecutive session; Nifty crosses 18,000 level

Sensex closed at a five-month high of 60,571.08, up 455.95 points or 0.76% and 24 constituents of the 30-share index ended in the green

Sensex closed at a five-month high of 60,571.08, up 455.95 points or 0.76% and 24 constituents of the 30-share index ended in the green

Equities rallied for the fourth straight session on Tuesday with the Sensex rising 455 points and the Nifty closing above the 18,000-mark for the first time since April, as foreign institutional investors remained bullish on the domestic market.

Sensex closed at a five-month high of 60,571.08, up 455.95 points or 0.76%, and 24 constituents of the 30-share index ended in the green.

In a reflection of strong investor sentiment, the broader Nifty climbed 133.70 points, or 0.75%, to end at 18,070.05. Earlier Nifty had closed above 18,000 on April 4 this year.

The Sensex has gained over 1,540 points or 2.59% in four consecutive sessions, while the Nifty is up 445 points or 2.9%.

Analysts said the market rally was mainly driven by foreign institutional investors (FIIs), who have become net buyers of domestic equities. The participation of retail investors also added to the momentum.

FIIs continued to invest in domestic equities, mainly financial and FMCG stocks.

Bajaj Finserv, IndusInd Bank, Bharti Airtel, Titan and Bajaj Finance were the top gainers in the Sensex pack. HDFC Bank, HDFC, Power Grid, L&T, ITC, Reliance, SBI and Infosys also closed in positive territory.

TCS was the biggest loser in the Sensex pack, down 0.37%.

VK Vijayakumar, Chief Investment Strategist, Geojit, said, “The current market rally is mainly driven by the sudden reversal of FII strategy: from relentless sellers to relentless buyers. Support from retail investors and fundamental support to the market from a strong economy are supporting the rally. are.” Financial Services said.

According to data available on BSE, FIIs infused Rs 2,049.65 crore in domestic equities on Monday.

Ajit Mishra, VP-Research, Religare Broking Ltd, said the market started the week on a strong note and continued the current trend with gains of over half a per cent.

“Global markets have recently joined the rally ahead of the release of US inflation data, as markets expect further easing of inflation, which should help the Fed take a less harsh stance.

Vinod Nair, Head of Research, Geojit Financial Services, said, “While the domestic CPI at 7% indicates a rising inflationary trend due to rise in food prices, core inflation of 5.9% provides some consolation.”

In the broader market, BSE Midcap rose 0.32% to 26,252.08 points while BSE Smallcap rose 0.24% to 29,893.97 points.

Among the sectoral indices, FMCG rose 0.77%, finance by 0.85%, both industrial and metal by 0.74%, capital goods by 0.69% and consumer durables by 0.66%.

On the other hand, Energy, Oil & Gas and Realty indices closed with losses.

Gains in global equities also supported the local markets.

In Asia, the Shanghai Composite Index jumped nearly 0.1%, Japan’s Nikkei 225 0.3% and South Korea’s key Kospi index rose 2.7%.

However, Hong Kong’s benchmark Hang Seng index fell 0.2%.

Brent crude rose to $95.15 a barrel in London.

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