The local stock markets were able to overcome the decline of 2 days on Monday due to a sharp rise in shares of Reliance Industries and private banks and buying foreign funds. The standard index Sensex recorded a strong rise of 1006 points and 289 points in the Nifty. According to analysts, the tension between India and Pakistan after the Pahalgam terror attack could not affect the positive perception of the market.
BSE’s 30 -share standard index Sensex jumped 1,005.84 points, or 1.27 percent, closed at 80,218.37 points. At one time during trading, it rose 1,109.35 points to 80,321.88 points. The National Stock Exchange (NSE) standard index Nifty also rose 289.15 points, or 1.20 percent to close at 24,328.50.
23 companies involved in the Group of Sensex closed with an edge. Reliance Industries gained the highest profit among the Sensex stocks with a strong gain of 5.27 percent. The veteran company has a 2.4 percent increase in net profit in the March quarter than market estimates.
Apart from this, the stock of Mahindra & Mahindra also saw a rise of 2.29 percent. The announcement of SML Isuju’s acquisition for Rs 555 crore was stressed in Mahindra’s shares while SML Isuju Limited lost 10 percent.
Apart from this, shares of Sun Pharma, Tata Steel, State Bank of India, Axis Bank, Tata Motors, Larsen & Tobro and ICICI Bank also closed. On the other hand, HCL Tech, UltraTech Cement, Nestle and Hindustan Unilever saw a decline trend.
According to the stock market data, foreign institutional investors (FIIs) on Friday made net purchases of shares worth Rs 2,952.33 crore. Foreign investors invested Rs 17,425 crore in domestic stock markets last week. FII investment has increased with favorable global signals and strong domestic mass-economic figures.
Vinod Nair, the research head of the Geojit Investment Limited, said, “The domestic market has compensated the loss in the last two days of the last week, which was caused by tension on the border. Constant purchases from FIIs and better results of Reliance also promoted investors’ perception.”
South Korea’s Cupi Index and Japan’s Nikki closed with 225 gains in other markets in Asia, while China’s Shanghai Composite and Hong Kong’s hangs remained in the decline. European markets were trading with an edge.
The American markets also closed with an edge on Friday. Global oil standard brent crude fell 0.19 percent to $ 66.74 per barrel. On Friday, the Sensex fell 588.90 points to 79,212.53 and the Nifty lost 207.35 points to close at 24,039.35. Language edited by: Sudhir Sharma
