The stock market has once again created a new record today. On Thursday, the Sensex has touched an all-time high, continuing the rally for the third consecutive trading session. BSE’s 30-share Sensex touched an all-time high of 62,272.68 points.
According to experts, investor sentiment was supported by a dovish stance on interest rate hike in the minutes of the US central bank Federal Reserve’s meeting, which led to a rise in global and local markets.
Record made for the third time in two weeks
BSE’s 30-share Sensex jumped 762.10 points, or 1.24 percent, to close at a record high of 62,272.68 points. It had touched its all-time high of 62,412.33 at one stage during the trade. Even before this, the Sensex had touched its high level for 2 consecutive times. However, there was a decline in the market in the last days of the week. The National Stock Exchange’s Nifty also closed at 18,484.10 points with a gain of 216.85 points, or 1.19 percent. It went up to its 52-week high of 18,529.70 during the trade.
What are the reasons for the rise in the market
VK Vijayakumar, chief investment strategist, Geojit Financial Services, said, “Two things drove the Sensex to record highs. A rally in the US market, a fall in bond yields and a fall in the dollar exchange rate boosted market sentiment. “Secondly, strong economic signals from India on macroeconomic credit growth and sustained increase in capital expenditure, he said. The market also got strengthened. The fall in crude oil prices also supported the market.
The market swings fast in these stocks
HCL Technologies, Infosys, Wipro, Power Grid, Tech Mahindra, Tata Consultancy Services, Hindustan Unilever, HDFC, HDFC Bank and Mahindra & Mahindra were among the gainers in the Sensex pack. On the other hand, shares of Bajaj Finserv, Tata Steel, Bajaj Finance and Kotak Mahindra Bank declined.
Mixed business for Asian markets
In other Asian markets, South Korea’s Cospi, Japan’s Nikkei and Hong Kong’s Hangseng were in profit while China’s Shanghai Composite was in loss. European markets were upbeat in afternoon trade. The US market Wall Street registered a boom on Wednesday. Meanwhile, international oil benchmark Brent crude declined 0.46 per cent to USD 85.02 per barrel. Foreign institutional investors (FIIs) sold shares worth Rs 789.86 crore on Wednesday, according to stock market data.