The stock market remained bullish for the second consecutive day. Strong gains were registered in the Indian stock market on the last trading day of the week. Due to strong buying in pharma and banking stocks, Nifty rose by 104 points to close at 25,285 and Sensex closed by 329 points at 82,501. Nifty crossed the 25,300 mark intraday, which is the highest level in almost a month. Meanwhile, pharma stocks gained momentum after the US Senate approved the BioSecure Act with many stocks rising 4-6%.
Major benchmark indices opened with losses in the morning. Bank Nifty opened with slight gains. Buying was also seen in the midcap index. The Sensex opened at 82,075, down 97 points from its previous close. Nifty closed 14 points down at 25,167 and Bank Nifty closed 24 points down at 56,168. However, later there was a slight rise in the market and Sensex rose by 307 points. Nifty also jumped by almost 100 points and reached around 25,280.
Why did the market rise today?
– Enthusiasm due to buying by foreign institutional investors for the third consecutive day
Conversation between Prime Minister Modi and Trump also positive
– TCS results were also good
Market is happy with the tremendous response to LG Electronics’ IPO.
How were the mutual fund results in September?
– Mutual fund industry’s AUM increases slightly to ₹75.61 lakh crore
– AUM of open-ended equity funds ₹33.68 lakh crore
– Investments declined across all five types of funds: large-cap, mid-cap, small-cap, flexi-cap and sectoral funds.
– Net investment in Gold ETFs increased from ₹2,190 crore to ₹8,363 crore.
– Net investment of hybrid scheme also increased to ₹9,397 crore
– SIP investment at record level of ₹29,361 crore
– SIP investments cross ₹29,000 crore for the first time