The record bullish trend in the stock market continued for the fourth consecutive trading session on Thursday.
The record bullish trend in the stock market continued for the fourth consecutive trading session on Thursday and the Sensex jumped 627 points and closed above 81,000 points for the first time. Nifty also reached a new peak of 24,800. The market remained bullish due to huge buying in shares of IT, Oil & Gas and companies making daily use goods. In the last four sessions, Sensex has gained 1446 points and Nifty has gained 485 points.
This is how the market recovered from the initial shock.
Sensex closed at a new high of 81,343.46 points with a rise of 626.91 points or 0.78 percent. The market had a weak start and at one point it reached a low of 80,390.37 points. However, the Sensex recovered losses in the afternoon due to buying in IT stocks like TCS, Infosys and Tech Mahindra and Reliance Industries, which is a major contributor to the index. At one time it had reached a new record level of 81,522.55 points with a gain of 806 points or 0.99 percent.
Nifty also reached new peak
National Stock Exchange’s Nifty also recovered from the initial loss and closed at a new peak of 24,800.85, rising 187.85 points or 0.76 percent. At one time during trading, it jumped 224.75 points to a record 24,837.75 points.
Stormy rise in ₹1 share, continuously giving profits, price increased by 19000%
Sharp rise in IT shares
Among Sensex shares, Tata Consultancy Services rose the most by 3.33 percent. At the same time, Infosys shares strengthened by 1.93 percent before the Q1 results came. Infosys released financial results after the market closed. The company’s consolidated net profit increased by seven percent to Rs 6,368 crore in the April-June quarter. Infosys has also raised its growth outlook for the current financial year. Other gainers included Bajaj Finserv, Mahindra & Mahindra, Tech Mahindra, Hindustan Unilever, State Bank of India and HCL Technologies.
These are the main reasons for the rise
1. Better quarterly results of companies
2. Rating agencies raised India’s growth rate estimates
3. Investors’ expectations regarding the budget also increased
4. Rupee exchange rate declined
5. Foreign investors increased share purchases
