Stock Market:
The stock market is witnessing tremendous growth today. The BSE Sensex is trading at 73,785 level, up by 800 points or more than 1%. Nifty is trading at 22,364 level, up by 1.09% or 240 points.
On the other hand, Midcap Index, Bank Nifty and other indices have also gained more than 1 percent.
Out of the top 30 stocks of BSE, 28 stocks are trading with great momentum, while two stocks Axis Bank and HCL have seen a slight decline. Apart from this, 44 stocks of Nifty 50 have gained, while 6 stocks are trading on decline. On the other hand, 106 stocks have hit an upper circuit on NSE and 45 stocks are at 52-week high level.
These five stocks are witnessing tremendous growth
Large cap stock Bajaj FinServ was trading at Rs 1651 with a gain of 4.37 percent. Apart from this, Grasim Industries has gained 3 percent, Canara Bank has gained 3 percent, Indian Bank has gained 5 percent, Bank of India has gained 3 percent and small cap stock VIP Industries has gained 13 percent.
Why did the stock market gain so much?
Due to heavy buying in Reliance Industries and banking stocks, Sensex and Nifty have also seen a big jump. At the same time, the market has become optimistic due to the expectation of three rate cuts by the US central bank. Also, some agencies have also increased India’s GDP estimates. Apart from this, technical charts are indicating further growth.
1. Big buying in banking and RIL shares
Big buying was seen in banking and heavyweight Reliance shares (RIL Share) in the stock market today, due to which Sensex and Nifty stocks also rose. Heavyweight Reliance Industries Limited contributed the most to the increase in the index on Thursday. Bajaj Finserv rose 3.75 percent while Bajaj Finance rose 3.51 percent. ICICI Bank, State Bank of India, IndusInd Bank, HDFC Bank and Kotak Mahindra Bank rose up to 1.6 percent.
2. Asian markets witness spectacular rally
Markets in Asia, including China, Hong Kong and Taiwan, rose up to 1.6 per cent, driven by a 0.8-1.2 per cent overnight rise in the US stock exchange ahead of Friday’s inflation data. Only Japan’s stock market fell by more than 1 per cent. Stock exchanges in India, the US and a dozen other markets will remain closed on Friday on the occasion of Good Friday.
3. Technical charts indicate further rise
According to Business Today, Sameet Chavan of Angel One had said that the Nifty level of 22,200 was an important level to monitor and could show a strong momentum beyond this point, which would establish a strong base for the market. Nifty broke that level in the morning trade itself. It reached a high of 22,352.20 intraday.
4. GDP growth forecast
S&P Global has recently raised India’s FY25 GDP growth forecast by 40 basis points to 6.8 percent. Now Morgan Stanley has raised India’s GDP growth forecast for FY 2025 to 6.8 percent. Due to all these reasons, a strong jump was seen in the stock market today.