IT and Metal Stocks Strengthen the Market: Sensex Gained 639 points

The break in the domestic stock market took place on Thursday on the continuing decline since last week. The BSE Sensex closed at 52,837.21.
Image Credit: ANI news
Image Credit: ANI news

The break in the domestic stock market took place on Thursday on the continuing decline since last week. The BSE Sensex closed at 52,837.21 with a gain of 638.70 points, or 1.22%. NSE's Nifty was at 15,824.05 with a gain of 191.95 points (1.23%).

There was all-around buying in the stock market today. 26 out of 30 Sensex stocks remained strong. 43 out of 50 Nifty stocks remained above the previous closing price. Apart from frontline stocks, the index of small and medium stocks also remained strong. Nifty Mid Cap closed 1.17% higher while Small-Cap index rose 1.49%

The market gave a gap up today, ie opened higher than the previous day's high. Nifty made up for the fall in the last two days with a jump of about 200 points. If it stays above 15,800 then it will try to cross 15,962 first. Its next target will be 16,000. If there is a decline, the first buying can come out at 15,700. If below that, Nifty will get support at 15,600.

India VIX, which gives information about traders' speculations on market volatility, declined sharply by 9.96%. The decline in volatility indicates, the dominance of bulls betting on the market is increasing and buying on every major fall in the market is a sign of this. Futures market deals are indicating the Nifty to remain in the range of 15,600 to 16,000.

The Sensex, which remained in the green all the time during trading, fluctuated 396.03 points while the Nifty fluctuated 108.4 points. The Nifty ranged between 15,834.80 and 15,726.40 points, while the Sensex moved between 52,867.26 and 52,471.23 points.

If we look at the growth of the market sector-wise, then it got the most support from Nifty Metal. There was a jump of 2.99% in it. Nifty IT, Realty, Media, Energy, Financial Services indices gained more than 1 per cent. Every sector index closed in the green.

Tech Mahindra jumps 5.65%

The market got support from buying in individual stocks Tech Mahindra, JSW Steel, Bajaj Finance, Bharti Airtel, Bajaj Finserv, Tata Steel, L&T. Selling in HUL, Asian Paint, Bajaj Auto, Cipla, Britannia, M&M put some pressure on it.

Yesterday American and European, today the effect of boom in Asian stock markets was seen in the domestic market. On the day of settlement of weekly deals in the futures market, the market opened on a strong note on Thursday. The BSE Sensex opened with a strength of 296 points at 52,494. Nifty opened at 15,736, up 104 points from Tuesday's closing level.

Asian markets firm

Asian markets closed with solid gains today. China's Shanghai Composite was up 0.34%. Korea's Kospi closed up 1.07%. Hong Kong's Hang Seng jumped 1.84%. There was a holiday in Japan's stock markets today. Australia's All Ordinary gained 1.03%.

European markets boom

European markets opened with a bullish trend on Thursday. The UK FTSE is up about 0.30%. Germany's DAX is up around 0.80%. France's CAC is up 0.70%. US markets were firm on Wednesday. The Dow Jones closed with a gain of 0.83%. The Nasdaq had gained 0.92%. The S&P 500 was up 0.82%.

FII and DII data

According to provisional data available on the NSE, on July 20, foreign institutional investors (FIIs) sold shares worth a net Rs 2,834 crore. That is, he had sold shares worth so much more than the amount of shares he bought. Domestic institutional investors (DIIs) had bought shares worth a net Rs 873 crore.

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