Stock Market Closed: After the rise, the stock market closed with a surge, Sensex jumped 447 points.
Mumbai. Domestic stock markets closed with a rise on Friday after four days of decline amid the rise in global markets and buying by foreign investors. Benchmark index BSE Sensex gained 447 points while NSE Nifty rose 151 points. Analysts said lower-than-expected retail inflation data in the US for November strengthened expectations of further interest rate cuts by the Federal Reserve, which pushed investors towards stocks.
BSE’s benchmark index Sensex based on 30 shares rose 447.55 points or 0.53 percent to close at 84,929.36 points. At one time during trading it had increased by 585.69 points to reach 85,067.50 points. NSE’s 50-share standard index Nifty also closed at 25,966.40 points with a gain of 150.85 points or 0.58 percent.
Among the companies included in the Sensex group, shares of Bharat Electronics, Power Grid, Tata Motors Passenger Vehicles, Asian Paints, Reliance Industries and Bajaj Finserv were among the gainers. On the other hand, a declining trend was seen in shares of HCL Tech, Kotak Mahindra Bank, ICICI Bank and Sun Pharma. In other markets of Asia, South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng index closed with gains.
European stock markets were trading with gains. A rise was recorded in the American markets on Thursday. Ponmudi R, chief executive officer of online trading platform Enrich Money. “Investor sentiment remained positive and supported by global indicators. Global risk appetite increased as expectations of further interest rate cuts by the US Federal Reserve increased,” it said.
He said that the improvement in rupee against the US dollar also boosted investor confidence and buying was seen on a large scale. According to stock market data, foreign institutional investors (FIIs) made net purchases of shares worth Rs 595.78 crore on Thursday.
At the same time, domestic institutional investors (DIIs) also bought shares worth Rs 2,700.36 crore in the last trading session. Meanwhile, global oil benchmark Brent crude fell 0.40 per cent to $59.58 per barrel. On Thursday, the domestic stock market was declining for the fourth consecutive day. Sensex fell 77.84 points to 84,481.81 points and Nifty closed almost flat at 25,815.55 points with a slight decline of three points.
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