Stock Market Today: Ahead of the festival of Dhanteras and Diwali, the Indian stock market has witnessed a huge boom. Sensex surged over 2,000 points, while Nifty crossed the crucial 24,500 level on Thursday due to heavy buying by investors in the stock market. The market closed higher for the sixth consecutive trading session. Heavy buying was seen especially in banking, automobile and financial sector stocks.

A massive jump of 2,008 points in the Sensex

The Bombay Stock Exchange Sensex ended Thursday’s trading session up 2,008.61 points, or 2.60 percent, at 79,310.01. On the other hand, the Nifty of the National Stock Exchange rose 576 points or 2.40 percent to close at 24,536.60. There was widespread buying in the market. A total of 2,775 stocks advanced, while 1,329 stocks declined. Apart from this, there was no change in the prices of 147 stocks.

Banking and auto sector stocks were the biggest gainers

Stocks in the Automobile and Banking sectors were the best performers in Thursday’s trade. The Nifty Auto Index registered an increase of 4.14 percent. Nifty Financial Services Index gained 3.99 percent, Nifty Private Bank Index 3.44 percent and Nifty Bank Index 3.33 percent. Apart from this, an increase of 3.13 percent in PSU Bank Index and 3.52 percent in Realty Index was seen. The consumer durables index rose 2.32 percent and the IT index rose 2.42 percent. However, stocks in the media and energy sectors declined despite the broad rally in the market.

Bajaj Finance shares surged 7.65 percent

Among the major Nifty stocks, Bajaj Finance was the top gainer. The shares of Bajaj Finance registered an increase of 7.65 percent. Apart from this, Shriram Finance rose by 6.08 percent, Mahindra & Mahindra by 5.59 percent and Maruti Suzuki by 5.48 percent. Shares of Interglobe Aviation i.e. IndiGo rose by 5.43 percent and ICICI Bank rose by 5.33 percent. On the other hand, shares of Apollo Hospitals fell by 2.66 percent. Shares of ONGC, NTPC, Coal India and Bharat Electronics also declined.

Also buy in midcap and smallcap stocks

Along with large companies, buying was also seen in the stocks of midcap and smallcap companies. The Nifty midcap index rose around 1.8 percent, while the smallcap index gained 0.6 percent. Buying in various sectors of the market strengthened investor sentiment.

What are the reasons behind the boom in the stock market?

The impact of international and domestic factors was seen behind this massive surge in the stock market. The Indian market was supported by falling crude oil prices in the international market, buying by foreign investors and improved sentiment in global markets. Expectations of a change in global policies following the results of the US mid-term elections and hopes of easing tensions in West Asia also boosted investor confidence.

Stock market bullish for six consecutive days

The Indian stock market has registered a bullish run for the sixth consecutive business session. Sensex has gained a total of 6,063.98 points in the last six sessions. The bullishness seen in the market ahead of the Dhanteras and Diwali festivals has given investors a feeling of excitement. However, according to experts, the direction of the market in the coming days will depend on the condition of global markets, crude oil prices and the flow of foreign investors