Mumbai, First Published Mar 10, 2022, 3:46 PM IST
The results of the 5 state assembly elections suggesting that the BJP is likely to take power in 4 states today gave confidence to investors in the stock market. The trade which started with a boom in the morning ended with a boom in the evening.
The bull market continues to dominate the stock market for the 3rd consecutive day.
Rs 29 lakh crore loss
The stock market has been volatile for the past 20 days due to the war between Ukraine and Russia. This, along with the rise in crude oil prices, led to a daily fall in the stock market, costing investors Rs 29 lakh crore in the last month alone.
Crude oil prices are low
However, the progress of the talks between Ukraine and Russia, the willingness of the United Arab Emirates to supply crude oil, and the fall in crude oil prices have given investors confidence in the stock market.
Investors who were afraid to invest today eagerly bought and exchanged shares. The Nifty was up 320 points as the morning trade on the Mumbai Stock Exchange started with a gain of 1200 points.
The Bombay Stock Exchange benchmark Sensex rose by 817 points to 55,464 in late trade. At the National Stock Exchange, the Nifty was up 218 points at 16,563.
Metallurgical decline
Shares of most sectors traded higher on the Mumbai Stock Exchange, but only the metal sector ended lower.
Shares of Asian Paints, Axis Bank, SBI, Hindustan Unilever, Bajaj Pinserv, ICICI Bank, SBI Bank, Bajaj Binas and Ultratech Cement gained. Shares of banking, automobile, financial services, FMCG, IT, media, pharmaceuticals, public sector banks, private sector banks and real estate gained on the National Stock Exchange Nifty.
Of the 30 major stocks on the Bombay Stock Exchange, 27 ended with gains, while 3 stocks declined.
Last Updated Mar 10, 2022, 3:46 PM IST