Stock Market Closed: Stock market rises due to reduction in tension in West Asia, Sensex rises 505 points, know the condition of Nifty
Mumbai . Domestic stock markets closed higher on Friday due to easing of tensions in West Asia and fresh buying by foreign investors. Sensex gained 505 points while Nifty gained 157 points. Analysts said hopes of a diplomatic solution between the US and Iran and a 10-day ceasefire between Israel and Lebanon have improved the risk appetite of global investors. BSE’s 30-share benchmark index Sensex closed at 78,493.54 points, up 504.86 points or 0.65 percent.
At one time during trading it had climbed up to 564.77 points. At the same time, NSE’s standard index Nifty based on 50 shares increased by 156.80 points or 0.65 percent and closed at 24,353.55 points. Among the companies included in the Sensex group, shares of Hindustan Unilever, Power Grid, Reliance Industries, Bharat Electronics, Tech Mahindra and Titan were major gainers.
On the other hand, shares of Sun Pharma, Mahindra & Mahindra, Larsen & Toubro and HCL Tech witnessed a downward trend. Global oil benchmark Brent crude fell 3.07 per cent to $96.34 per barrel, supporting market sentiment. Hariprasad K, research analyst and founder of Livelong Wealth. Said, “Expectations of reducing tensions in West Asia worked to strengthen the domestic market.
This reduced concerns about a possible surge in crude oil prices, which has an impact on inflation and currency stability.” Among other markets in Asia, South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng index were among the losers. European markets were in gains in afternoon trade. US markets had closed on a positive note on Thursday.
According to stock market data, foreign institutional investors (FIIs) bought shares worth Rs 382.36 crore on Thursday. “Domestic markets closed with gains on rising hopes of resolution of the West Asia crisis and FIIs turning into buyers again,” said Vinod Nair, Head of Research, Geojit Investments Ltd. Earlier, on Thursday, Sensex fell 122.56 points to close at 77,988.68 points and Nifty slipped 34.55 points to close at 24,196.75 points.
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