Share Market Opens with a Hike, Sensex gains 206 points and Nifty gains 62 points

The stock market started on Monday with a positive stance. The Bombay Stock Exchange (BSE) Sensex rose 206.35 points to 37,556.68 and the National Stock Exchange (NSE) Nifty gained 61.80 points to open at 11,109.60.
Image Credit: The Financial Express
Image Credit: The Financial Express

The stock market started on Monday with a positive stance. The Bombay Stock Exchange (BSE) Sensex rose 206.35 points to 37,556.68 and the National Stock Exchange (NSE) Nifty gained 61.80 points to open at 11,109.60. Since then, there has been some fluctuation in the market, but the strength continues.

The beginning of the business saw a spurt in 552 shares and a decline of 197 shares. Prominent among the rising stocks were Interglobe Aviation, Sun Pharma, Titan, Indiabulls Housing, UPL, JSW Steel, Dr. Reddy's Lab, Cipla, Bajaj Finserv, Axis Bank, Tech Mahindra, Hero Moto, Bharti Airtel. Similarly, the falling stocks included Unichem Lab, Power Grid, Zee Entertainment, Asian Paints and Mahindra & Mahindra. All sectors were in green mark.

Although the domestic stock market showed a sharp trend at the end of last week, but the major stock indices fell compared to the previous week. Now, during the coming business week, investors will be waiting for the steps taken by the government to bring the economy back on track.

Apart from this, signals from foreign market will give direction to the market. Due to the trade war between the US and China, the global economy is facing the recession, the effect of which is visible on the markets all over the world. So, the impact of this week on the global market will not remain untouched by the impact on the global market, but in the meantime the positive impact of the steps taken by the government towards speeding up the development of the country's economy can be seen.

The impact of the increase in surcharge on wealthier income tax payers in the budget last month has so far remained on the market, because after this there is a constant pressure of selling of foreign portfolio investors (FPIs). The government has indicated to provide relief in this direction, which will be looked at by investors.

Apart from this, the direction of the market will also be determined by the price of crude oil in international market and the movement of rupee against the dollar. In the last session of the last week, the rupee closed at 71.16 rupees per dollar, with a weakness of 35 paise on weekly basis.

At the same time, the minutes (details) of the monetary policy review meeting of Reserve Bank of India (RBI) will be released on Wednesday during the week.

In its Monetary Policy Review meeting earlier this month, the RBI decided to keep it at 5.40 per cent by cutting the key interest rate i.e. the repo rate by 35 basis points. On the other hand, the minutes of the Federal Open Market Committee (FOMC) meeting held in the end of July will also be released on Wednesday.

Related Stories

No stories found.
logo
Since independence
www.sinceindependence.com