Share Market: Market bright for the third consecutive day, Sensex rose 319 points, Nifty also rose

Mumbai: Local stock market indices Sensex and Nifty rose for the third consecutive session on Thursday, boosted by the rise in global markets as expectations of further interest rate cuts by the Federal Reserve increased after consumer inflation in the US remained lower than expected. BSE Sensex based on 30 shares closed at 77,042.82 points with a gain of 318.74 points or 0.42 percent. During trading, at one time it rose by 595.42 points to reach 77,319.50 points. National Stock Exchange's Nifty also closed at 23,311.80 points with a gain of 98.60 points or 0.42 percent. Traders said that the continued decline in foreign capital inflows, weakness in the rupee and rise in global crude oil prices weighed on the domestic stock markets. The pressure is on.

Vinod Nair, head of research at Geojit Financial Services, said, “Positive trading continued in the local market. This was driven by positive investor sentiment after soft inflation data in the US raised hopes of a possible rate cut by the Federal Reserve. Additionally, favorable developments in the Israel-Hamas ceasefire and reduction in trade deficit further added to the market's upward momentum, he said. However, weak UK economic growth data dampened this sentiment somewhat.

These companies benefited

Among Sensex companies, shares of Adani Ports, State Bank of India, Bajaj Finserv, Bharti Airtel, Tata Motors, IndusInd Bank, NTPC, Maruti, Reliance Industries and Axis Bank were among the gainers. Whereas shares of HCL Tech, Nestle, Infosys, Hindustan Unilever, ITC and Tata Consultancy Services remained in loss. In other markets of Asia, South Korea's Kospi, Japan's Nikkei, China's Shanghai Composite and Hong Kong's Hang Seng were in the lead.

The integrated net profit of Information Technology (IT) services major Infosys has increased by 11.46 percent year-on-year to Rs 6,806 crore in the October-December quarter of the current financial year. Infosys shares closed 1.21 per cent lower at Rs 1,926.20 on BSE. There was a rise in the afternoon trading in the markets of Europe.

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Sensex had jumped 224 points the previous day

American markets were in gains on Wednesday. The BSE Smallcap index gained 1.43 per cent, while the Midcap gained 0.92 per cent. According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 4,533.49 crore on Wednesday. Global oil benchmark Brent crude fell 0.18 percent to $ 81.88 per barrel. In the last session on Wednesday, the Sensex had closed at 76,724.08 points, up 224.45 points. Nifty stood at 23,213.20 points with a gain of 37.15 points.