Mumbai: There was a huge decline in the stock market during three trading sessions, but on Thursday there was a great rise in the stock market. Sensex was trading at 79555 points, up 440 points or 0.56 percent, while Nifty was up 160 points or 0.65 percent at 24640. Nifty Bank was also trading up by 220 points.
Talking about BSE top 30 shares, there is a rise in 16 shares and a decline is seen in the remaining 14 shares. The biggest decline has come in Hindustan Unilever and IT shares. Whereas Reliance shares are up by 3 percent, NTPC by 2.40 percent and Tata Steel shares are up by 2 percent. This rise has come amid the war raging in the Middle East. In such a situation, many investors are speculating that the war may end. Let us know why there has been such a rise in the stock market today.
Why did the stock market boom?
Experts say that the Indian stock market has declined significantly. In the last three days, Rs 22 lakh crore has been wiped off the value of investors. Due to this, purchasing from lower level has increased. Investors have placed more bets in good and large cap stocks. The Asian market has also been bullish. Japan’s stock market has increased by 2.50 percent. Mixed effects have also been seen in the American market. Apart from this, there has been a rise of more than 10 percent in the market of South Korea. Here, the rupee has recovered 51 paise against the dollar and reached Rs 91.54 per dollar.
India VIX fear index or volatility index fell by almost 10 percent to the level of 19.04. From a technical point of view, Anand James, Chief Market Strategist, Geojit Investments, says that there were a lot of ups and downs in the middle of the battle, but the huge fall at the time of closing immediately after filling the gap reduced some of the momentum. However, the positive trend continues as it closed around 24450. We are looking at 24840 level, but consider 24625 as a major hurdle. On the other hand, if it slips below 24370, chances of reaching 24000-23550 levels may reopen. There is less possibility of a decline in the market right now. Strength in these sectors
Only the FMGC, IT and Telecom sectors are witnessing a decline, while the rest of the sectors are showing tremendous growth. There is a rise of 3.30 percent in Oil and Gas sector, while there is a rise of 1 percent in Nifty Pharma. After this, there is good growth in auto, bank and finance sectors also.
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