Stock market rises for the fifth consecutive day, Sensex jumps by 385 points and crosses 66,000 points

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The 30-share BSE Sensex closed at 66,265.56 with a gain of 385.04 points or 0.58 percent. Amidst this rise, the Sensex was successful in recovering the losses incurred at the beginning of trading. During trading, the Sensex also reached a low of 65,672.34 points and a high of 66,296.90 points.

Mumbai The rise in the local stock market continued for the fifth consecutive trading session on Thursday and the Sensex crossed the 66,000 mark due to buying in shares of HDFC Bank, L&T and SBI. Traders said that softening of crude oil prices in the international market also supported the local market. The 30-share BSE Sensex closed at 66,265.56 with a gain of 385.04 points or 0.58 percent. Amidst this rise, the Sensex was successful in recovering the losses incurred at the beginning of trading.

During trading, the Sensex also reached a low of 65,672.34 points and a high of 66,296.90 points. National Stock Exchange (NSE) index Nifty also closed at 19,727.05 points with a gain of 116 points or 0.59 percent. Larsen & Toubro had the highest gain of 4.26 percent among Sensex companies. Shares of IndusInd Bank, Tech Mahindra, State Bank of India, HCL Technologies, Power Grid, NTPC, Axis Bank, Kotak Mahindra Bank, HDFC Bank and Wipro also gained.

Whereas shares of Mahindra & Mahindra, Infosys, UltraTech Cement and Hindustan Unilever fell. Ajit Mishra, Senior Vice President (Technical Research) at Religare Broking Ltd. said, “The market continued its bullish rise on the last day of weekly contract deals and was up by more than half a percent. Especially in the second half of the day, bulls dominated due to buying in select stocks. In the broader market, BSE Midcap index rose by 0.79 percent while Smallcap was up by 0.40 percent. S Ranganathan, head of research, LKP Securities, said that public sector companies, which account for 13.5 percent of the market capitalization, have seen significant growth. Apart from this, shares of some medium scale public companies have increased manifold in the last two years.

In other markets of Asia, South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng were among the losers. European markets were in gain in afternoon trading. US markets closed with losses on Wednesday. Vinod Nair, Head of Research, Geojit Financial Services, said, “The local market also opened on a sluggish note amid a weak global trend. However, later due to fall in bond yields in America and fall in crude oil prices, the market came into gains. The price of international oil benchmark Brent crude fell 0.72 percent to $ 89.95 per barrel. Crude oil prices had risen in the last two days as Russia and Saudi Arabia continued to cut oil production. According to provisional stock market data, foreign institutional investors sold shares worth Rs 3,245.86 crore on Wednesday.

Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.



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