First Published Nov 28, 2022, 9:51 AM IST
On the first day of the week, the Mumbai and national stock markets started the trade on a sluggish note and then recovered from the decline in a short period of time
The last 3 days of the last week saw the stock market run wild. Sensex crossed 62,000 points to a historic high on the Mumbai Stock Exchange as investors eagerly bought stocks every day. Nifty also hit a new milestone.
However, the Indian markets have not sustained that rise since this morning. As trade opened this morning, the Sensex fell 130 points on the Mumbai Stock Exchange, while the Nifty fell below 18,500 points on the National Stock Exchange. . But the Mumbai and national bourses recovered from the slump shortly after the trade started.
The Sensex is trading at 62,391 points, up 97 points on the BSE. On the national bourse, Nifty is trading at 18,538 points, up 26 points.
Two main reasons are strongly seen for the bullishness of the Indian markets. Crude oil prices continued to decline and fell to $82 a barrel. Crude oil prices continue to fall as China tightens coronavirus restrictions. This is positive for India’s economy.
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2. Foreign investors have increased their buying of stocks in India, buying stocks worth Rs 31,630 crore so far this month, showing a positive trend. This has given confidence to investors. In particular, investment in IT, financial services, automobiles and capital goods has increased.
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The US Federal Reserve’s monetary policy announcement is due on Wednesday. Investors are eagerly anticipating this meeting.
Out of 30 major stocks in BSE, 10 companies are in decline and 20 companies are in gain. Reliance, Maruti, AsianPaints, Ultratech Cement, BhartiAirtel, Bajaj Pinserv, Kotak Mahindra, Wipro, Mahindra & Mahindra, Powergrid, Infosys among others gained.
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In the Nifty, automobile stocks rose and metal stocks fell, especially Heromotor, which gained up to 2 percent. Shares of Tata Motors, Bajaj Auto, TVS and Asokleland also rose.
Last Updated Nov 28, 2022, 10:18 AM IST