Mumbai Amidst the outcry in the global stock markets, the Indian stock market once again performed brilliantly on Friday. Despite the huge fall in foreign markets, the bullish storm continued in the domestic market. Sensex and Nifty closed with gains for the seventh consecutive trading session. While Sensex took a huge jump of 1,718 points and crossed 81 thousand, Nifty was also successful in crossing the 25 thousand mark again. The market got strengthened due to strong buying by foreign investors and softening of crude oil prices.
Sensex jumped by 1,718 points, Nifty also took flight
On Friday, the 30-share BSE Sensex closed at 81,028.02 with a gain of 1,718.01 points or 2.17 percent. It reached the day's highest level during trading. At the same time, NSE's Nifty also jumped by 493.75 points or 2.01 percent and closed at 25,030.35 points. All-round buying was seen in the stock market. Shares of 29 out of 30 Sensex companies closed with gains, while only Power Grid shares registered a decline.
Mahindra & Mahindra's share is at the forefront
Among Sensex companies, shares of Mahindra & Mahindra rose the most by 6.15 percent. The company had released the September quarter results a day earlier. According to this, the integrated net profit of the company increased by 25 percent to Rs 4,587.88 crore. The company's profits were supported by strong revenue growth in the auto business. Apart from this, there was good rise in shares of ICICI Bank, HDFC Bank, Titan, Axis Bank and Kotak Mahindra Bank.
Sensex rose 7,781 points in seven days
The rise in the domestic stock market can be gauged from the fact that in the last seven trading sessions, the Sensex has jumped by 7,781.99 points or 10.62 percent. At the same time, an increase of 2,331.5 points or 10.27 percent has been recorded in Nifty during this period. Earlier on Thursday also there was a strong rise in the market. The Sensex closed at 79,310.01, up 2,008.61 points, or 2.60 percent, while the Nifty rose 576 points, or 2.40 percent, at 24,536.60.
Market got support due to softening of crude oil prices
A major reason for the rise in the stock market was the fall in crude oil prices. The price of global oil standard Brent crude fell 1.50 percent to $ 96.82 per barrel. Apart from this, purchases by foreign institutional investors (FIIs) also strengthened the confidence of investors in the market. According to market data, FIIs bought shares worth Rs 14,974.68 crore on Thursday.
Fall in markets around the world, rise in India
In contrast to the rise in Indian markets, there was a decline in the major stock markets of Asia and Europe on Friday. South Korea's Kospi fell 6.02 percent and Japan's Nikkei fell 5.96 percent. China's Shanghai Composite and Hong Kong's Hang Seng also closed down by more than one percent. Heavy selling was also seen in the American markets on Thursday. The Nasdaq Composite fell 5.52 percent, the S&P 500 fell 4.36 percent and the Dow Jones Industrial Average fell 3.44 percent. European markets were also trading with weakness.
Investors consider Indian market as a safe haven
According to Vinod Nair, head of research, Geojit Investments Limited, investors considered the Indian market a comparatively safe haven amid huge turmoil in foreign markets. For this reason, the rising trend in the domestic stock market continued. He said that there was heavy selling in the shares of technology companies in the American markets. Along with this, investors also appeared cautious regarding possible changes in American politics and the possibility of tightening regulations. Overall, despite the weakness of the global markets, the rise of the Indian stock market for the seventh consecutive day has given great relief to the investors.