Mumbai. The record rise in the stock market continued for the fourth consecutive trading session on Thursday and the BSE Sensex jumped 627 points to close above 81,000 points for the first time. Nifty also reached a new peak of 24,800 points. The market was bullish due to buying in the shares of IT, oil and gas and daily use goods manufacturing companies. The Sensex based on 30 shares closed at a new high of 81,343.46 points with a gain of 626.91 points or 0.78 percent. The market started weak and at one time it had come down to a low of 80,390.37 points.
However, the index recovered from its losses in the afternoon trade due to buying in IT stocks like TCS, Infosys and Tech Mahindra and Reliance Industries, which has a strong share in 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. The 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. During trading, at one time it had climbed 224.75 points to a record 24,837.75 points.
Vinod Nair, Head of Research, Geojit Financial Services, said, “The market rose in the afternoon trade and reached new highs due to buying in the shares of IT companies and strength in the shares of major companies. Investors are excited about the sector due to good financial performance of the country’s major IT companies in the June quarter and the fall in the exchange rate of the rupee. ” According to analysts, the softening of US bond yields on the expectation of a policy rate cut by the US Federal Reserve in September has also increased the flow of FIIs in the Indian market. Among the Sensex stocks, Tata Consultancy Services rose the most by 3.33 percent.
Infosys stock gained 1.93 percent ahead of its financial results. Infosys released its financial results after the market closed. The company’s consolidated net profit rose 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 include Bajaj Finserv, Mahindra & Mahindra, Tech Mahindra, Hindustan Unilever, State Bank of India and HCL Technologies.
On the contrary, Asian Paints, JSW Steel, NTPC and Adani Ports were the main losers. However, the indices related to the shares of mid-cap and small companies remained in loss. BSE Smallcap fell 1.15 percent while Midcap fell 0.99 percent. In other Asian markets, China’s Shanghai Composite and Hong Kong’s Hang Seng were in profit while South Korea’s Kospi and Japan’s Nikkei were in loss. There was a bullish trend during the day’s trading in major markets of Europe.
Global oil benchmark Brent crude fell 0.14 percent to $84.96 per barrel. According to stock market data, foreign institutional investors (FIIs) bought shares worth Rs 1,271.45 crore on Tuesday. The stock market was closed on Wednesday on the occasion of ‘Muharram’. The BSE Sensex and NSE Nifty have been on a record rise since Friday. Both benchmark indices have reached their highest levels ever in four sessions. During this period, Nifty has climbed 485 points i.e. 1.98 percent while Sensex has climbed 1,446 points i.e. 1.79 percent.