Share Market Update: The local stock market on Monday gave a great welcome to agreed to reduce tension between India and Pakistan to reduce tension on the border and the standard index Sensex and Nifty took the highest lead of a trading session with a jump of about 4 percent. The BSE standard index Sensex saw a huge rise of 2,975.43 points while NSE Nifty made a big jump of 916.70 points. The encouraging news on the US-China Trade Agreement further enhanced the positive perception, which further strengthened the trust of the investors as the session progressed.
Analysts said that the consensus between the two countries to end the ongoing tension with Pakistan created a positive perception between the investors. Apart from this, investors were also excited by the announcement of customs agreement between the US and China.
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BSE’s 30 -share Sensex rose 2,975.43 points, or 3.74 percent, closed at 82,429.90 points of more than seven months. At one time during trading, it rose 3,041.5 points to 82,495.97 points. The 50 -share Nifty of the National Stock Exchange (NSE) closed at 24,924.70 points with a brilliant rise of 916.70 points, or 3.82 percent. During the trading, the Nifty rose 936.8 points to 24,944.80 points.
The Sensex and Nifty recorded the biggest lead of a trading session due to the purchase of information technology (IT), metal, realty and technology shares. Both indices had earlier recorded the biggest lead a day before the announcement of the results of the Lok Sabha elections on June 3, 2024. That day, there was a huge increase of 2,507.45 points in the Sensex and 733.20 points in the Nifty.
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Vinod Nair, Head of Research of Jiojit Investment Limited, said, the mail of positive geopolitical and economic developments created the way for the biggest one day of recent days. He said that foreign institutional investors (FIIs) continued to flow, as well as rapid improvement in business notion increased retail participation which strengthened this boom.
Ajit Mishra, Senior Vice President (Research), Railways Broking Limited, said, “The exhibiting news on the US-China trade agreement further increased the positive perception, which further strengthened the trust of the investors as the session progressed.” The US and China have announced the suspension of high customs duty on each other for 90 days. The US has agreed to reduce the fees on Chinese goods from 145 percent to 30 percent, while China announced to reduce the fee on American goods from 125 percent to 10 percent.
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Among the Sensex companies, IT company Infosys made a strong jump of 7.91 percent. Shares of HCL Tech, Tata Steel, Internal, Tech Mahindra, Tata Consultancy Services, Axis Bank, ICICI Bank, NTPC, Reliance Industries and Bajaj Finance also closed with a significant increase. Out of 30 Sensex companies, only Sun Pharma and IndusInd Bank remained in decline.
This was also strengthened in broad markets. Midcap and smallcap recorded an increase of about four percent. In other markets in Asia, South Korea’s Cospie, Japan’s Nikki 225, China’s Shanghai Composite and Hong Kong’s hangs closed with an edge. Europe’s markets were trading with a positive attitude. On Friday, the American markets were closed with mixed trend.
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Global oil standard Brent crude jumped 2.88 percent to $ 65.75 per barrel. According to data received from the stock market, FIIs sold shares worth Rs 3,798.71 crore on Friday after remaining a pure buyer for several days. On Friday, the BSE Sensex fell 880.34 points to 79,454.47 points and NSE Nifty closed at 24,008 points with a loss of 265.80 points. (Language)
Edited by: Chetan Gour
