Stock Market Rices: On Monday, the local stock market returned and both standard index were in the lead. The BSE Sensex gained 329 points due to heavy buying in IT and vehicle stocks amidst the hopes of cutting the policy rate of the US Federal Reserve, while NSE Nifty was in profit of 98 points. The BSE Sensex based on thirty stocks climbed 329.06 points, or 0.40 percent to close at 81,635.91 points. During the trading, at one time it climbed to 492.21 points.
Fifty -shared NSE Nifty rose 97.65 points, or 0.39 percent to close at 24,967.75 points. Infosys shares rose 3.03 percent among the companies involved in the Sensex. Tata Consultancy Services was in profit of 2.85 percent, HCL Tech 2.6 percent and Tech Mahindra 1.32 percent. In addition, Tata Motors, Sun Pharma, Maruti and Titan were prominently profitable. On the other hand, damage shares include Bharat Electronics, Asian Paints, Bharti Airtel and ICICI Bank.
Relief from good monsoon: Vinod Nair, Head of Research of Jiojit Investments Limited, said the domestic market was boom on Monday due to the possibility of the Federal Reserve’s major policy rate cut in September and the 10-year bond return in the US. The IT index performed better due to favorable global perception. He said that the domestic trend has been positive from the proposed GST reforms to promote consumption demand and a good monsoon can be helpful in dealing with any uncertainty in the global trade environment.
Ajit Mishra, Senior Vice President (Research), Railways Broking Limited, said the market started with a positive attitude and recorded a lead of about half a percent due to favorable global signals. The indication of a possible deduction in interest rates by the US Federal Reserve has increased the enthusiasm of investors, increasing the ability to risk in emerging markets.
A slight edge in midcap: The BSE Midcap index associated with Majholi companies increased by 0.10 percent, while small companies’ smallcap declined by 0.02 percent. In other markets in Asia, South Korea’s Cospie, Japan’s Nikki, China’s Shanghai Composite and Hong Kong’s Hangseng closed in a positive realm.
There was a decline in the afternoon trading in the major markets of Europe. The American market rose on Friday. Dow Jones Industrial Average rose by 1.89 percent, Nasdaq Composite gained 1.88 percent and S&P 500 gained 1.52 percent.
According to the stock market data, foreign institutional investors (FIIs) sold shares worth Rs 1,622.52 crore on Friday. Global oil standard brent crude rose 0.34 percent to $ 67.96 per barrel. The Sensex had broken 693.86 points on Friday, while the Nifty fell by 213.65 points. (Agency/Webdunia)
Edited by: Vrijendra Singh Jhala
