As soon as the stock market opened, it gave a Diwali gift of Rs 3.34 lakh crore to the investors.
Even though the stock market opened on Diwali like normal days, investors got the return gift on Monday itself. Due to the rapid rise in the shares of Reliance Industries, a good rise is being seen in the stock market. Due to which investors made a profit of Rs 3.34 lakh crore in 10 minutes. However, within 5 to 7 minutes of opening of Sensex, a jump of more than 700 points has been seen. Whereas Nifty rose by about 220 points. According to experts, there has been a jump in the earnings of companies in the second quarter. Due to which there has been a surge in the stock market also. On the other hand, a rise in the rupee has also been seen. Due to which India’s currency has reached a one-month high against the dollar. Apart from this, a decline is also being seen in the prices of crude oil. The effect of which is clearly visible in the stock market. Let us also tell you what kind of figures are being seen in the stock market.
Sensex Nifty gains momentum
Major stock indices Sensex and Nifty rose in early trading on Monday, due to buying by Reliance Industries, HDFC Bank and foreign funds. The sharp rise in the global market also increased the enthusiasm of the market in early trading. The 30-share BSE Sensex rose 704.37 points to 84,656.56 in early trade. The 50-share NSE Nifty rose 216.35 points to 25,926.20. However, at 10 am the Sensex is trading at 84,442.27 points with a rise of about 500 points. At the same time, Nifty is seen trading at 25,855.65 points with an increase of about 150 points.
Rise in shares of Reliance and HDFC Bank
Among Sensex companies, Reliance Industries gained more than 3 percent. In fact, the company on Friday reported a 9.6 per cent year-on-year rise in net profit for the September quarter, led by strong performance in its consumer-focused retail and telecom businesses and improvement in its core oil-to-chemicals segment. HDFC Bank shares gained 1.54 per cent as the company on Saturday reported that its September quarter consolidated net profit rose 10 per cent to Rs 19,610.67 crore. Axis Bank, Kotak Mahindra Bank, Infosys and Bajaj Finserv were also among the gainers. However, ICICI Bank, UltraTech Cement, Trent and Tata Steel were among the laggards.
Growth in foreign markets also
In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng were trading with gains. American markets closed with gains on Friday. According to exchange data, foreign institutional investors (FIIs) bought shares worth Rs 308.98 crore on Friday. Domestic institutional investors (DIIs) also bought shares worth Rs 1,526.61 crore on the same day. Global oil benchmark Brent crude fell 0.36 percent to $ 61.07 per barrel.
Why did the stock market rise?
VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said the market’s rally driven by continued heavy buying by DIIs, modest buying by FIIs, pick-up in sales of automobiles and household items during festivals is expected to continue with more positive news. The initial results of the second quarter are indicating a sharp improvement in earnings. “The results of HDFC Bank and RIL are particularly impressive.” On Friday, the Sensex closed at 83,952.19, up 484.53 points or 0.58 percent. Nifty rose 124.55 points or 0.49 percent to 25,709.85. Last week, the BSE benchmark jumped 1,451.37 points or 1.75 per cent, and the Nifty gained 424.5 points or 1.67 per cent.