Stock Market News: Amidst the ongoing tension in the Middle East, the ongoing decline in the market for the last three days got a break on the first trading day of the week i.e. Monday. BSE Sensex rose 938 points, while Nifty 50 crossed 23,400 points. The market got support from buying at lower levels in shares of major companies. BSE Sensex based on 30 shares closed at 75,502.85 points, up 938.93 points or 1.26 percent. During trading, it reached a high of 75,805.27 points and reached a low of 73,949.76 points.
market boom
Whereas Nifty 50 based on 50 shares rose by 257.70 points or 1.11 percent and closed at 23,408.80 points. Among the Sensex stocks, UltraTech Cement gained the most by 4.22 percent. Apart from this, Trent Ltd, HDFC Bank, Mahindra & Mahindra, Bajaj Finance, ITC Limited, Tata Steel and State Bank of India were major gainers.
On the other hand, the loss making stocks included Bharat Electronics Limited, Sun Pharmaceutical, Power Grid Corporation of India and Bharti Airtel.
What do experts say
Vinod Nair, head of research at Geojit Investments Ltd, said that the market remained bullish at the end of trading due to lower level buying in shares of vehicles, banks and companies making daily use goods. He said that the attitude of investors in the near future will depend on the developments in the Strait of Hormuz. If the impact on the supply chain remains minimal then the market may get further support.
Why did the market rise?
In other markets of Asia, Nikkei 225 (Japan) and Shanghai Composite (China) closed with losses, while Kospi (South Korea) and Hang Seng Index (Hong Kong) remained in the rise. European markets were in decline in afternoon trading, while US markets closed with losses on Friday.
Global oil standard Brent Crude rose 1.41 percent to $ 104.4 per barrel. According to stock market data, Foreign Institutional Investors sold shares worth Rs 10,716.64 crore on Friday. Whereas domestic institutional investors bought shares worth Rs 9,977.42 crore.
Earlier on Friday, BSE Sensex fell by 1,470.50 points or 1.93 percent and closed at 74,563.92 points, while Nifty 50 fell by 488.05 points at 23,151.10 points.
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