stock market
After the huge fall on July 8, the stock market has made a spectacular comeback. On July 10, there was such a surge in the market that midcap shares created a new history. Nifty Midcap 100 index has reached its record high. The reason behind this rise was mainly the excellent performance of companies like Indian Bank, Kalyan Jewellers, Paytm and Godrej Properties. While on one hand Sensex closed with a jump of more than 800 points, on the other hand Nifty also strongly crossed the important level of 24 thousand.
Nifty Midcap Index touched historical peak
The trading session of Wednesday, July 10 proved to be very auspicious for the stock market. Nifty Midcap 100 index closed with a gain of 1.40 percent on the basis of excellent buying throughout the day. This surge has taken the index to its highest level ever. Generally, when midcap indices are at record highs, it simply means that the market rally is not limited to only a few select large companies. Medium-scale companies included in the portfolio of small investors are also giving excellent returns.
Huge profits from Indian Bank to Kalyan Jewelers
Some special stocks played an important role in taking the midcap index to new heights. In the banking sector, Indian Bank shares made the investors the most happy. On the basis of good quarterly results, this share jumped by 10.11 percent to reach Rs 873.35. Let us tell you that in the June quarter, the bank’s profit increased by 10 percent to Rs 3,273, and the total income of the bank also saw an impressive growth of 11 percent.
On the other hand, the shares of Kalyan Jewelers, a company related to jewelery business, continued to rise rapidly for the third consecutive day. By the end of trading, this share jumped 7.48 percent and closed at Rs 476.15. This stock has soared by more than 35 percent in the last three trading sessions only. According to market experts, brokerage firm Citi has given a big target price of Rs 750 for this share, due to which the enthusiasm of investors has increased a lot.
The luck of investors of these companies also improved
Not only banking or jewellery, but shares of IT, real estate and fintech companies were also bought heavily. Shares of these companies also left no stone unturned in strengthening the midcap index:
- Paytm: After long ups and downs, this stock now seems to be making a comeback. It closed at Rs 1,342, up 6.26 percent. In the last one month it has increased by about 26 percent.
- Godrej Properties: The shares of this giant of the real estate sector have jumped 5.15 percent to Rs 2,134.50. It has given returns of more than 30 percent to investors in one month.
- Oracle Financial Services: The shares of this company also saw a spectacular rise of 4.63 percent, after which it closed at the level of Rs 11,650.
- Persistent Systems: Shares of this IT sector company rose 4.21 percent to Rs 5,033. This stock has risen 2.13 percent in the last one month.
- Bank of India: The shares of this government bank also jumped by 4.53 percent and closed at Rs 144.81.
- SBI Cards: This share also did not lag behind, it gained 3.96 percent and closed at Rs 611.50.
Sensex Nifty also regained its glory
Along with midcaps, major market indices also did not disappoint investors on July 10. BSE Sensex closed at the level of 77,569 with a gain of 1.08 percent i.e. 827 points. At the same time, NSE Nifty rose by 1.02 percent (244 points) to the level of 24,206. Bank Nifty also saw an excellent recovery of 1.39 percent for the second consecutive day. This rally shows that the big fall in the market on July 8 was just a temporary blip and the market fundamentals are still quite strong.
Disclaimer: This article is for information only and should not be considered as investment advice in any way. TV9 Bharatvarsha advises its readers and viewers to consult their financial advisors before taking any money-related decisions.
