Indian Stock Market (Share Market) has seen a great boom after the budget. On Friday, the Sensex closed 1,292.92 points higher at 81,332.72 and the Nifty closed 428.75 points higher at 24,834.85. This was the eighth consecutive week when the market closed with gains. This is the first time since January 22, 2018 that the market continued to rise for such a long time. On a weekly basis, Tata Motors was the top gainer in the Nifty with a gain of 13 percent, HDFC Life Insurance 10.6 percent, Sun Pharma 9.3 percent, NTPC 8.7 percent, BPCL 8.2 percent, Titan 7.2 percent, SBI Life 6.3 percent and Cipla 6 percent. During this period, no Nifty stock has given negative returns. Market experts say that this boom may continue further. Nifty has not been able to break 25 thousand for a long time. This hurdle can be broken in this series.
Why did the market return to a great boom?
Vinod Nair, Head of Research, Geojit Financial Services, said that this surge in the stock market came due to better than expected US GDP, improvement in global demand, investors’ strategy of buying on dips and a balanced budget. It has been said that the Indian economy will remain strong. Along with this, emphasis has been laid on boosting infrastructure in the budget. These reasons have brought a boom in the market.
Nifty Pharma gave the highest returns
Index-wise, Nifty Pharma was the best performing sector last week with a gain of 5.77 percent, Nifty Media 5.74 percent, Nifty Auto 5.16 percent, Nifty Energy 2.79 percent and Nifty FMCG 2.69 percent. On the other hand, Nifty Bank was the top loser with a loss of 1.86 percent, Nifty Realty 1.69 percent, Nifty Finance 1.19 percent and Nifty PSU Bank 0.44 percent.
Nifty made a new all time high
On Friday, the Indian stock market registered a tremendous jump. During this time, Nifty made a new all-time high of 24,861 and the Sensex closed close to its life-time high. The Sensex closed at 81,332 with a gain of 1,292 points or 1.62 percent and the Nifty closed at 24,834 with a gain of 428 points or 1.76 percent. Market experts say that the US economy has grown at a rate of 2.8 percent between April and June, which is double the figures of the previous quarter. Due to this, global demand is likely to improve, which is positive for the market. Further market movement will depend on quarterly results.
Input: IANS
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