Share Market Today: Sensex rises 650 points, Nifty crosses 24,350, huge buying in IT and metal shares

Business Desk – Share Market Today: There is a rise in the share market today i.e. on 3rd July. Sensex is trading at the level of 78,150 with a gain of 650 points. There is an increase of 200 points in Nifty. It is trading at the level of 24,350. There is maximum buying in IT and metal shares.

1. Fear of increasing interest rates in America reduced

Job growth in America in the month of June was much less than expected. The figures for the first two months have also been reduced. This indicates that the American labor market is now cooling down. Experts believe that now the Federal Reserve (Fed) will not increase interest rates in a hurry. Lower rates increase investment by foreign funds (FIIs) in emerging markets like India.

2. Strong buying in IT and banking stocks

Indian IT companies bring a major part of their earnings from the American market. IT index rose 1.9% on expectations of no increase in interest rates and remained at the forefront of the rise. Crude oil prices have come down to pre-war levels, which is a big relief for India. Also, the market got support from the strength of banking shares and good response of foreign investors (HNIs) to the FCNR (B) scheme.

3. Good signals from global market

American tech stocks showed excellent recovery after two days of decline. After this, there was all-round greenery in Asian markets today. South Korea’s Kospi index jumped 3%. Samsung shares rose by 6.5% amid news of making AI chips, which improved the sentiment of the entire Asian market.

There was a strong rise in Asian markets

The effect of positive signals received from global markets was also seen in Asian stock markets on Friday. South Korea’s Kospi index was seen trading at 7,864 with a gain of 207 points or 2.84%. Whereas Japan’s Nikkei rose by 511 points (0.74%) to reach 69,244. Hong Kong’s Hang Seng index was also seen trading at the level of 23,443 with a rise of 388 points (1.55%).

Mixed business in US market

A mixed trend was seen in the American stock market on Thursday. Dow Jones closed at 52,900 with a gain of 595 points or 1.14%. Whereas Nasdaq slipped 207 points (0.80%) and closed at 25,833. The S&P 500 index remained almost flat and closed at 7,483.

FII selling, DII strengthened the market

Foreign institutional investors (FII/FPI) are continuously selling. According to the latest data, he sold shares worth Rs 312 crore on Friday. Their total selling in the last 7 trading days was Rs 5,359 crore and in the last 30 days it was Rs 32,590 crore. Whereas domestic institutional investors (DII) supported the market. He made purchases worth Rs 1,784 crore on Friday. In the last 7 days, DII bought shares worth Rs 14,588 crore and in the last 30 days, shares worth Rs 70,305 crore.

There was a tremendous rise in the market even a day before.

Earlier on July 2 also, the Indian stock market had closed with gains. Sensex closed at 77,502 with a rise of 579 points, while Nifty closed at 24,176 with a gain of 170 points. Investor confidence remains strong with the market rising for the second consecutive trading session.