Bumper rise in stock market! Sensex jumped 600 points, Nifty crossed 23,950, CarTrade Tech shares became rocket.

Amidst the continuous ups and downs in the domestic stock market, today a very wonderful and relieving news has emerged for the investors. The Indian stock market has started with tremendous momentum and greenery on the first trading day of the week. Bombay Stock Exchange index Sensex is trading in a strong position by jumping more than 600 points in early trading itself. At the same time, Nifty 50 of the National Stock Exchange has also crossed the important psychological level of 23,950, registering a gain of more than 180 points. Due to this boom in the market, Dalal Street has returned to its glory.

Strong signals from global markets and booster dose of domestic buying

Market analysts and brokerage firms believe that the biggest reasons behind today’s huge rise are the positive signals from the American markets (Nasdaq and S&P 500) and the return of strength in the Asian markets. Along with this, reduced selling pressure from foreign institutional investors (FIIs) and all-round buying by domestic institutional investors (DIIs) in banking, auto and IT sectors have provided strong support to the market. Most of the sectoral indices are trading in the green today, due to which the sentiment of retail investors has also strengthened.

Strong blast of 11% in CarTrade Tech shares

Shares of online auto classified platform CarTrade Tech are making the most headlines in today’s opening session. A stormy jump of more than 11% has been recorded in the company’s shares in the initial trade itself, after which the stock has reached its new short-term high. There is a lot of enthusiasm among investors due to the recent strong quarterly results and major changes made by the company regarding future growth plans. With huge increase in volume, there is a lot of buying in this stock.

Today’s top gainers and which sectors are shining?

Apart from CarTrade Tech, big companies like Tata Motors, Maruti Suzuki, Infosys, ICICI Bank and Reliance Industries have a big contribution in taking the market up today. Auto and IT stocks are leading among the top gainers of Nifty. Midcap and smallcap indices are also registering a rise of up to 1.5%, which shows that the market is recovering at a broader level. According to experts, if Nifty manages to stay above 23,950, then very soon it can again touch the historical level of 24,000.