Great start in the stock market: Sensex rose 367 points, Nifty crossed 24,160; Strong buying in IT shares

Mumbai, 17 July. The Indian stock market started trading on a strong note on Friday, the last trading day of the week. In early trade, major indices were seen trading in the green on the back of strong buying in IT stocks. At 9:16 am, BSE Sensex was trading at 77,554 with a gain of 367 points or 0.48 per cent. At the same time, NSE Nifty reached the level of 24,163 with a gain of 90 points or 0.38 percent.

IT shares showed strong growth

In the initial trade, maximum buying was seen in the IT sector. Nifty IT index was the top gainer with a gain of about 2 percent. Apart from this, Nifty Auto, Services, Private Bank, Financial Services and Oil & Gas indices were also trading with gains. However, slight weakness was recorded in shares of pharma, media, healthcare, metal, realty and FMCG sectors.

There was maximum movement in these shares

Major Sensex gainers included Infosys, Tech Mahindra, TCS, HCL Tech, Mahindra & Mahindra, ICICI Bank, HDFC Bank, Maruti Suzuki, Tata Steel, Axis Bank, SBI, Bajaj Finance and Asian Paints. At the same time, shares of Eternal, Sun Pharma, ITC, Bajaj Finserv, NTPC, UltraTech Cement, Trent and Bharti Airtel were seen trading under pressure.

What is the opinion of experts on market movements?

Market experts believe that at present the market can continue trading within a limited range only. He says that the continuous weakness in the rupee has affected the sentiment of investors. Due to high US bond yields, expected investment in foreign currency deposits (FCNR-B) did not come, due to which the rupee is under pressure. This week the Indian currency has been among the weakest performing currencies of Asia and has declined by more than one percent.

Mixed signals from global markets

In Asian markets, markets of Tokyo, Shanghai, Hong Kong and Bangkok were trading in the red, while a rise was seen in Jakarta. At the same time, American markets closed with a decline on Thursday. Dow Jones closed with a weakness of 0.20 percent and Nasdaq 1.47 percent.

FII selling continues

Foreign institutional investors (FIIs) sold Rs 4,205.56 crore in the Indian stock market on Thursday. In contrast, domestic institutional investors (DIIs) supported the market by buying shares worth Rs 2,986.41 crore.