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HomeMoneyThe stock market rose for the second consecutive day, Sensex-Nifty reached the...

The stock market rose for the second consecutive day, Sensex-Nifty reached the highest level of the week

Highlights

  • Sensex closed at 57,897.48, up 477.24 points, or 0.83 per cent
  • Nifty gained 147.20 points or 0.86 percent to close at 17,233.45.
  • Asian Paints was the biggest gainer with Sensex shares rising nearly three per cent
  • Only two stocks IndusInd Bank and PowerGrid remained in loss.

Mumbai
Share Market Rise Today: The rally in the stock markets continued for the second consecutive day and the BSE Sensex jumped 477 points on Tuesday to reach a high of more than a week. Energy, IT, pharmaceuticals and bank stocks edged up gains amid a firm trend in global markets. The 30-share Sensex closed at 57,897.48, up 477.24 points, or 0.83 per cent. 28 stocks of Sensex were in gain while two were in loss.

Similarly, the Nifty of the National Stock Exchange gained 147.20 points, or 0.86 percent, to close at 17,233.45. Of the 50 stocks included in the Nifty, 48 were in gains and two were in losses. Asian Paints was the top gainer with Sensex shares rising nearly three per cent. Besides, Sun Pharma was up 2.59 per cent. With the approval of the Covid-19 drug Malnupiravir, shares of other pharmaceutical companies also rose.

Among major stocks, Reliance Industries rose 1.18 per cent, Infosys over one per cent, HDFC Bank by 0.74 per cent. Mahindra & Mahindra, NTPC UltraTech Cement, Titan, L&T and Tech Mahindra were also gainers. On the other hand, only two stocks IndusInd Bank and PowerGrid remained in losses.

Shares of this government company have climbed 117% in December, at the top of 7 years

Shrikant Chauhan, Head of Equity Research, Kotak Securities said, “The domestic market was supported by a sharp rise in global equity markets. Global markets have rebounded following the recent decline in concerns about the novel coronavirus form Omicron, the prospect of policy rate hikes in major developed countries in the near term, and global inflation.

VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said that the firmness in the US market (S&P 500 at record high on Monday) and the rise in crude oil prices indicate that although the infection from the novel form of the corona virus, Omicron, is increasing. But it is not expected to have an impact on economic activities.

In other Asian markets, Shanghai Composite Index in China, Hong Kong’s Hang Seng, South Korea’s Kospi and Japan’s Nikkei were among the gainers. Major markets in Europe also saw a bullish trend during afternoon trading. Meanwhile, international oil benchmark Brent crude was up 0.61 per cent at $78.70 per barrel. The rupee advanced by 34 paise to 74.66 (provisional) per dollar at the interbank foreign exchange market.

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