2024-04-11 09:15:45
New Delhi: There is a tremendous rise in the stock market on the first day of the new week. On Friday, due to the rise in American stock markets and rise in IT and auto stocks, BSE Sensex and Nifty reached new peaks as soon as the markets opened. Sensex rose by more than 400 points to 74,658 points and Nifty of National Stock Exchange also jumped by more than 100 points to 22,623 points. With this, India’s market cap has crossed Rs 400 lakh crore for the first time. It has increased by Rs 100 lakh crore in the last nine months. On July 5 last year, India’s market cap reached Rs 300 lakh crore. Since then Nifty has gained 16 percent. India’s market cap reached Rs 50 lakh crore in 2007, while in 2014 it crossed Rs 100 lakh crore for the first time. In this, the level of Rs 200 lakh crore was touched in February 2021. In the last one year, especially in PSU shares, there has been a lot of growth. Due to Modi’s guarantee and government’s capex boost, investors have immediately bought shares of government companies. In the last 12 months, Nifty PSE and Nifty CPSE have gained more than 100 per cent, while Nifty PSU Bank has gained nearly 95 per cent. In early trading on Monday, 41 out of 50 Nifty stocks are showing a rise. BPCL, Tata Steel, Axis Bank, Bajaj Finserv and Titan Company have gained the most while Adani Ports, Apollo Hospitals, Wipro, Divi’s Laboratories and HDFC Bank have declined the most.
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Sensex opened at a record 74,555.44 points with a gain of 307.22 points in early trade while Nifty opened at 22,593.30 points with a rise of 79.6 points. Talking about sectoral indices, energy, realty and metals shares have seen the biggest rise. Out of 15 sectoral indices of Nifty, 12 are trading rapidly. Nifty Oil & Gas and Nifty Realty have gained more than one percent. Buying is also visible in auto and IT. But there is a decline in banking shares, especially in public sector banks. Nifty Bank was trading at 48,448 points with a decline of 0.09 percent.
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Experts say that this week the movement of the stock market will be influenced by global trends, macroeconomic data and quarterly results of companies. Stock markets will remain closed on Thursday on the occasion of Eid-ul-Fitr. Traders said that the attitude of foreign investors, rupee-dollar trend and fluctuations in crude oil prices will also decide the direction of the market. Santosh Meena, head of research at Swastika Investmart Ltd., said Indian companies will start announcing fourth-quarter financial results this week. In this sequence, IT services company TCS is the first to declare its results. TCS results will be released on 12th April. India’s industrial production figures will also be declared on April 12 and inflation figures for March will also be announced on the same day. The BSE benchmark rose 596.87 or 0.81 per cent last week. The index reached an all-time high of 74,501.73 on April 4.