There is excitement among investors about the budget proposals. Due to this, the momentum in the stock markets continued for the third day on Wednesday and the BSE Sensex closed up above the 50,000 mark for the first time with a gain of 458 points.
Mumbai: There is excitement among investors about the budget proposals. Due to this, the momentum in the stock markets continued for the third day on Wednesday and the BSE Sensex closed up above the 50,000 mark for the first time with a gain of 458 points.
Stocks of banks, finance and pharmaceutical companies remained in the lure. Speculators booked profits in shares of cement and daily-use goods (FMCG) companies.
The 30-share Sensex closed at 50,255.75 with a gain of 458.03 points, or 0.92 per cent. This is a new record.
Similarly, the National Stock Exchange’s Nifty jumped 142.10 points, or 0.97 percent, to close at a record level of 14,789.95. During trading it reached an all-time high of 14,868.85.
Indraind Bank was the biggest gainer among the Sensex stocks. It gained 7.65 percent. Apart from this, Powergrid, Dr. Reddy’s, Sun Pharma, NTPC and Axis Bank were also good.
On the other hand, the loss-making stocks include UltraTech Cement, Maruti, ITC, Kotak Bank, Asian Paints, Nestle and TCS. It fell by up to 0.90 percent
Modi said, “To increase investment activities, a lot of reforms have been announced with a significant increase in capital expenditure.” The situation of quarterly results of companies is expected to continue in the next quarter as well. Again, FPI inflows are likely to continue, given the stimulus package in the US, the liberal monetary policy stance of central banks globally and the fall in the dollar exchange rate.
He said, “The market will be watching the monetary policy stance in the near future. It is very likely that it will be favorable. “The Reserve Bank of India will announce the monetary policy review on February 5.
Among other Asian markets, Hong Kong’s Hangseng, South Korea’s Kospi and Japan’s Nikki were in profit while the Shanghai Composite Index was at a disadvantage. In Europe, major markets witnessed a boom in initial trade. Meanwhile, global oil standard Brent crude rose 0.36 percent to $ 58.01 a barrel.
The rupee closed marginally up by one paise at 72.95 against the US dollar. Here, according to the data available with the stock market, foreign institutional investors bought shares worth Rs 6,181.56 crore on Tuesday.
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