New Delhi. The rising trend in the Indian stock market continues for the fourth consecutive day today. There was great excitement in the market in this morning’s trading session.
Despite the pressure of crude oil prices continuously remaining above $ 100 per barrel, both Sensex and Nifty indices made a strong start with the support of positive sentiments in the domestic stock market.
The Bombay Stock Exchange’s Sensex jumped more than 700 points during early trading, while the National Stock Exchange’s Nifty also managed to cross the important level of 23,600.
Due to this all-round buying in the market, there is a continuously positive atmosphere in the broader market during the first trading session of the day, especially in mid-cap shares, more buying power is visible.
Due to this sharp jump in the market, a huge increase of about Rs 2 lakh crore was recorded in the total market cap of the companies listed on BSE in the first hour of trading in the morning, which has led to a huge increase in the wealth of investors.
Market experts believe that mainly three big reasons are behind this spectacular rise in the domestic stock market today.
According to Prashant Dhami, Vice President, Dhami Securities, the biggest support to the market is coming from the shares of FMCG sector, where due to the strong growth in big companies like Marico and Godfrey Phillips, the entire index has become stronger by more than one percent.
Apart from this, after the sale of shares of chip manufacturing companies in the global market, the attraction of investors towards domestic IT companies has increased, due to which Indian IT stocks are getting good support.
Prashant Dhami says that the third and most important reason for today’s rise in the market is the continuous heavy buying by Foreign Institutional Investors (FIIs) in the Indian market.
This confidence of foreign investors has been further strengthened by the news, according to which the market regulator Securities and Exchange Board of India (SEBI) has proposed to the government to provide tax relief to foreign investors on Long Term Capital Gains (LTGC).
Due to these positive reasons, today the market is seen in full enthusiasm during the initial trading on the day of weekly expiry of Nifty.