Stock Market Record
The key stock index Sensex crossed the historic level of 78,000 points for the first time on Tuesday due to buying in shares of big companies including Reliance Industries amid strong trend in Asian markets.
At the same time, the National Stock Exchange’s Nifty also reached a new all-time high. During this, the 30-share BSE Sensex jumped 712.44 points or 0.92 percent to close at 78,053.52 points. During the day’s trading, the Sensex rose 823.63 points or one percent to reach a new all-time high of 78,164.71 points. Nifty closed at a record high of 23,721.30, up 183.45 points or 0.78 percent. During trading, the Nifty rose 216.3 points or 0.91 percent to reach 23,754.15 points.
Rise and fall in these stocks
Among the Sensex companies, Axis Bank, ICICI Bank, HDFC Bank, Tech Mahindra, Larsen & Toubro, Bajaj Finserv, State Bank of India, Reliance Industries and Infosys made significant gains. On the other hand, Power Grid, Asian Paints, Tata Steel, Nestle, Maruti and JSW Steel declined. In other Asian markets, South Korea’s Kospi, Japan’s Nikkei and Hong Kong’s Hang Seng closed with gains. On the other hand, China’s Shanghai Composite was in loss. Deepak Jasani, Head of Retail Research, HDFC Securities, said that the rise in banking stocks pushed the Nifty to a record level for the 34th time this year, although many other sectors closed with losses.
ALSO CHECK: ITR Filing 2024: Know what is new in Income tax return forms before filing
In the broader market, the BSE Midcap index fell 0.26 percent, while small cap fell 0.03 percent. Sector-wise, banks rose 1.87 percent, financial services 1.45 percent, IT 0.53 percent, capital goods 0.28 percent and technology stocks 0.43 percent. On the other hand, realty fell by 1.82 percent, power by 1.05 percent, utility by 0.95 percent, metal by 0.84 percent and telecom by 0.28 percent. Major European markets remained weak in early trade. US markets closed with a mixed trend on Monday.
Current account surplus of 0.6 percent of GDP in March quarter
The Reserve Bank of India said on Monday that India recorded a current account surplus of $5.7 billion or 0.6 percent of GDP in the March quarter. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said that the positive news from the market point of view is that the current account deficit has turned into a surplus in the fourth quarter of FY 2023-24. This will reduce the pressure on the rupee and pave the way for FIIs to come after clarity on Federal Reserve rate cuts. Global oil benchmark Brent crude was down 0.44 per cent at $85.63 per barrel. According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 653.97 crore on Monday. (Input Bhasha).