The stock market ended this week with strong gains. On the last day of trading, both Sensex and Nifty remained in the green. Sensex closed 918 points, or 1.20 per cent, higher at 77,550, while Nifty climbed 275 points, or 1.16 per cent, to close above the 24,050 level. A jump of 1,091 points was seen in Nifty Bank index.
Of the top 30 BSE stocks, 25 closed with gains, while the remaining 5 declined. Sun Pharma shares fell nearly 4 percent, while ICICI Bank shares rose more than 3 percent. Due to this rally, the market capitalization of BSE increased from ₹444.79 lakh crore to ₹451.20 lakh crore. This means that on the last trading day of the week, investors’ wealth increased by ₹6.40 lakh crore. Out of 4,449 shares traded on BSE, 3,362 shares closed with gains; 944 stocks declined, and 143 stocks were unchanged. Moreover, 110 shares were trading at their 52-week high levels, while 20 shares were at their 52-week low levels. 85 shares touched their lower circuit, while 334 shares touched their upper circuit.
Why did this rise in the stock market occur?
Strong buying was seen in the shares of finance companies, which provided a lot of support to the market today. The finance sector gained 1.6 percent today, taking its total gain this week to 8.2 percent. Both Nifty PSU Bank and Private Sector Bank indices gained up to 1.80 percent.
A wave of optimism ran through Asian markets as well; South Korea’s KOSPI, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng index all saw strong gains. In the US market too, major indices like Dow and S&P witnessed a strong rise.
On the last trading day of the week, the rupee also strengthened. Rupee is trading 10 paise higher at 92.41. In the last few days, the rupee has shown a strong recovery against the dollar.
Fall in IT shares
The IT index recorded a decline of 1.5 percent, mainly due to the performance of TCS. In the March quarter, the company reported 9.7 percent growth in revenue and 12.2 percent growth in net profit. Despite this, the stock fell 2 percent.