The stock market is open in green on Monday. The Bombay Stock Exchange (BSE) Sensex opened 74 points higher at 40,434 at the start of trading. Experts believe that the events of Maharashtra will also have an impact on the stock market today. The National Stock Exchange (NSE) Nifty opened with a gain of 7 points at 11,922. By 9.45 am, the Sensex rose by 220 points to reach 40,580.
At the start of the business, 592 stocks gained and 238 stocks declined. Among the rising stocks, Bharti Infratel, Bharti Airtel, Titan, Ultratech Cement, Infosys, RIL, Vedanta, Tata Steel and JSW Steel were the leading stocks, while G Entertainment, ONGC, BPCL and Tata Motors were the leading stocks. Apart from metal, infra and IT, all other sectors are in green mark.
Significantly, on the last trading day of last week i.e. Friday, a major decline was recorded in the Indian stock. At the end of trading, the Sensex fell 215.76 points, or 0.53 per cent, to the level of 40,360 points. Similarly, the Nifty closed at the level of 11,915 points, down 54 points, or 0.45 percent.
The shares of IT sector were battered on Friday. The reason for the decline in the share of IT sector is the news about American work visa. According to media reports, the US administration can change the work visa for migrants. If this happens, it will have an impact on India's IT professionals. This is the reason that there was a sell-off in the stock of IT sector.
Experts believe that the direction of the Indian stock market this week will be decided by foreign factors as well as domestic factors, especially investors will be keeping an eye on the latest political developments in Maharashtra. However, there may be ups and downs regarding the expiry of the futures and option contracts for the month of November.
The Sensex and Nifty closed almost flat due to weakness in the last two sessions due to profit-booking in the domestic stock market last week, while the Sensex rose again to a new high of 40,816.38 during the week.
In Maharashtra, the Bharatiya Janata Party has formed the government with the support of the Nationalist Congress Party (NCP), but proving the majority in the Assembly is a big challenge for the Chief Minister Devendra Fadnavis, who holds the reins of power, because NCP President Sharad Pawar did not support the BJP.
Market experts say that with the formation of a government in Maharashtra under the leadership of the BJP, one can see a positive trend in the market from the Bullet Train Project to other infrastructure schemes.
According to the news agency IANS, the trade trend between the US and China is in the positive direction, due to the signs of fast from foreign markets and the uncertainty over the government led by BJP in Maharashtra, the market is moving fast. With which the Sensex and Nifty can touch new heights. Along with the movement of the country's financial capital Mumbai, the activities of Parliament in Delhi will also be watched by this event.