The stock market had a slow start on the first day of the trading week, but the result was excellent. On Monday, the Sensex jumped by about 388 points to reach around 84,950, while the Nifty closed at 26,013, up by 103 points.
In fact, on November 17, a strong rise was seen in the Indian stock market. Sensex closed with gains for the sixth consecutive day. Nifty once again crossed the psychological level of 26,000. Nifty is just 1% away from its all-time high. This gain has resulted in a gain of approximately ₹3.16 lakh crore to investors, which shows an increase in market capitalisation. The banking sector witnessed the most strength during trading, with the Nifty PSU Bank index rising around 1.09%. After this, a rise of 0.83% was recorded in Consumer Durables and 0.79% in Private Banking.
Other sectors like auto, financial services, realty, oil & gas, healthcare, media, FMCG, IT and pharma also saw marginal gains. A total of 4,497 shares were traded on Monday, of which about 2,091 shares advanced, 2,200 declined and 206 shares remained stable. During the trading session, 177 shares touched their 52-week high.
1. Strong rise in banking shares
The banking sector witnessed a bullish trend after the Reserve Bank of India (RBI) took a major decision to promote exports. The move eased exporters’ concerns and increased buying in banking stocks. Bank Nifty also hit its all-time high on Monday, rising 445 points to close at 58,962.
2. Strong quarterly results
Many companies reported strong results in the second quarter, with many large-cap companies in particular seeing growth. Mid-cap companies also recorded better figures, which boosted investor confidence. Apart from this, some companies also showed signs of improvement in the situation.
3. Improve global perception
There was stable trading in the US stock market on Friday, which improved the sentiment of decline. In addition, the US is constantly negotiating trade agreements with many countries. An agreement has also been reached on LPG deal between India and America.