Stock Market Today: Due to positive signals from global markets and US President Donald Trump’s soft stance on the Greenland issue, domestic stock markets made a strong comeback on Thursday after falling for three consecutive trading sessions. BSE’s benchmark 30-share index Sensex closed at 82,307.37 points with a rise of 397.74 points or 0.49 percent amid volatile trading. At one point in the day’s trading, the Sensex had jumped 873.55 points to reach the level of 82,783.18 points. At the same time, NSE’s 50-share index Nifty closed at 25,289.90 points with a gain of 132.40 points or 0.53 percent, whereas during trading it had risen by 278.25 points to reach 25,435.75.
Why the market boom?
Good buying was seen in the shares of many of the 30 leading Sensex companies. Shares of Bharat Electronics, Tata Steel, Adani Ports, State Bank of India, Bajaj Finserv, Asian Paints, Power Grid, Sun Pharmaceuticals, Kotak Mahindra Bank, Indigo, Hindustan Unilever, HCL Technologies and NTPC closed with gains. On the contrary, there was selling pressure in the shares of Eternal, Titan, ICICI Bank, Maruti Suzuki India and HDFC Bank.
According to market experts, investor sentiment has improved due to Trump’s withdrawal of threat of imposing tariffs against the EU and positive comments regarding the India-US trade agreement. Gaurav Garg, research analyst at Lemon Markets Desk, said that due to reduction in geopolitical concerns and strong global cues, domestic markets witnessed limited but steady rise. There was a positive trend in other markets of Asia and Japan’s Nikkei, China’s Shanghai Composite, South Korea’s Kospi and Hong Kong’s Hang Seng index closed with gains. Strength was also seen in European markets, while American markets had closed with gains in the last session.
strong domestic demand
Although the selling trend by foreign institutional investors (FIIs) continued and they sold shares worth about Rs 1,787.66 crore on Wednesday, domestic institutional investors (DIIs) supported the market by making strong purchases of Rs 4,520.47 crore. Vinod Nair, Head of Research, Geojit Investments Limited, said that the initial quarter results are not able to fully support the current high valuations, but due to strong domestic demand, corporate profits are expected to be better in the coming times. Meanwhile, the price of Brent crude in the international market fell by 1.10 percent to $ 64.52 per barrel, which has shown some signs of relief on the inflation front.
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