Stock market’s hat-trick, rise continues for the third consecutive day amid Iran tension, Sensex rises 633 points
Mumbai. The bullish trend in local stock markets continued for the third consecutive day on Wednesday with BSE Sensex rising 633 points, while NSE Nifty gained 197 points. The market remained bullish due to slight softening of crude oil prices and strong trend in other major markets of the world.
According to traders, buying in IT stocks also supported the domestic market. BSE Sensex based on 30 shares closed at 76,704.13 points, up 633.29 points or 0.83 percent. During trading, at one time it had climbed up to 929.38 points.
Similarly, NSE Nifty based on fifty shares closed at 23,777.80 points, up 196.65 points or 0.83 percent. Among Sensex constituents, Eternal, Tech Mahindra, Infosys, Mahindra & Mahindra, HCL Tech, Adani Ports, Tata Consultancy Services and Axis Bank were major gainers. On the other hand, loss-making stocks include NTPC, Hindustan Unilever, Sun Pharma and HDFC Bank.
Global oil benchmark Brent crude fell 0.10 percent to $103.3 a barrel. In other markets in Asia, South Korea’s Kospi gained 5 per cent and Japan’s Nikkei gained 2.87 per cent. China’s Shanghai SSE Composite and Hong Kong’s Hang Seng also closed with gains. There was a bullish trend in the major markets of Europe in afternoon trading. American markets closed with gains on Tuesday.
Geojit Investments Ltd. Vinod Nair, head of research, said, “Domestic markets remained bullish on the support of buying at lower levels after recent selling. The all-round momentum was driven by deal completion and buying at lower levels. Shares of medium and small companies witnessed strength led by IT, real estate and automobile sectors.
According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 4,741.22 crore on Tuesday. However, domestic institutional investors (DIIs) bought shares worth Rs 5,225.32 crore. Sensex had gained 567.99 points on Tuesday while Nifty had gained 172.35 points.
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