The stock market is witnessing a spurt in the second consecutive trading day this week. On Wednesday morning, the Bombay Stock Exchange (BSE) Sensex opened 122 points higher at 39,953 compared to the previous trading session. The National Stock Exchange (NSE) Nifty also gained 96 points to open at 11,883.90. Earlier on Tuesday, the stock market saw tremendous boom. On Monday, trading in the stock market was closed on the occasion of Diwali-Balipratipada.
Sensex above 40,000 in pre-opening session
The Sensex had crossed 40,000 in the pre-opening session. By 9.45 am, the Sensex was up 48 points at 39,880 and the Nifty was trading up 19.20 points at 11,806.05. 19 Sensex stocks were seen in green mark. The leading stocks with strength include Bharti Airtel, Infosys, L&T, while Tata Motors, ONGC, Mahindra & Mahindra are among the losers. BSE Midcap and Smallcap have gained 0.52 percent and 0.36 percent respectively.
The rupee is seeing a sluggishness, its business started in the morning with a loss of 6 paise at 70.90 against the dollar. The rupee had closed at 70.84 on Tuesday.
Significantly, there was a rise in the stock markets on Tuesday. The stock market saw a spurt during the entire business on Tuesday. At the end of trading, the Bombay Stock Exchange (BSE) Sensex gained 581 points to close at 39,831.84. On the other hand, the National Stock Exchange (NSE) Nifty gained 159.70 points to close at 11,786.85.
During the business, 24 stocks of Sensex gained, while 4 declined. 39 stocks of Nifty rose, while 11 saw a fall. BSE Midcap gained 1.12 percent and Smallcap 0.55 percent.
Tata Motors (16.63 percent), Tata Steel (7.09 percent), Yes Bank (6.30 percent), Axis Bank (4.06 percent) and Maruti (4.01 percent) were the top gainers.
There is a news in the media that the government can drastically cut taxes related to stock trading. The sentiment of the market started strengthening with this. The reports said that the Long Term Capital Gains (LTCG) tax, Securities Transaction Tax (STT) and Dividend Distribution Tax (DTT) are being reviewed by the Prime Minister's Office and Ministry of Finance, NITI Aayog and can be changed. .
Keep an eye on which signs this week
The Indian stock market will be waiting for the decision to be taken on the interest rates at the meeting of the US central bank Federal Reserve during this trading week. Apart from this, the market will get direction from the major economic data released during the week. Decisions can be taken in the Fed meeting to cut the interest rate, which will have an impact on the global market and the Indian stock market will also be affected by it.
This week, at the end of October's Futures and Options (F&O) segment, traders will make their positions in the next month's F&O contracts, which can see stock market fluctuations.
India's manufacturing sector data for September will also be released on Thursday. At the end of the week, the figures for market manufacturing September will be released on Friday. The impact of these figures will be seen on the domestic stock market.
