Stock Market Soars to Year's Biggest Rally, Investors Gain ₹8.5 Lakh Crore in a Day
Mumbai (The Uttam Hindu): Indian stock market closed with a big gain in Friday's trading session. Buying was seen in all the indices of the market. At the end of trading, the Sensex was at 75,157 with a gain of 1,310 points or 1.77 percent and the Nifty was at 22,828 with a gain of 429 points or 1.92 percent. The total market cap of all the companies listed on the BSE increased by Rs 8.56 lakh crore. This was the biggest increase in a day in the last six months.
The reason for the rise in the stock market is believed to be the US President Donald Trump's decision to postpone the tariff for 90 days. The rise in the market was led by auto and pharma stocks. The Nifty Auto index closed with a gain of 2.03 percent and the Nifty Pharma index closed with a gain of 2.43 percent. Apart from this, all the indices including PSU Bank, Financial Services, Metal, Energy and Media closed in the green. Hindalco, Tata Steel, JSW Steel, Coal India, Jio Financial Services, ONGC, Adani Enterprises, Grasim, Power Grid, Trent, Cipla, NTPC and HDFC Bank were the top gainers in the Nifty pack.
Only TCS, Asian Paints and Apollo Hospitals were the top losers in the NSE benchmark index. The Nifty Midcap 100 index closed at 50,501, up 919 points or 1.85 per cent, and the Nifty Smallcap 100 index closed at 15,696, up 439 points or 2.88 per cent. On the Bombay Stock Exchange (BSE), 3,115 stocks closed in the green, 846 in the red and 118 closed unchanged. Rupak Dey, Senior Technical Analyst at LKP Securities, says that 23,000 is a resistance level for the Nifty. If the NSE benchmark manages to cross this level, then the level of 23,500 can also be seen. In case of a decline, 22,750 will be an important support level.
The stock market started on a positive note. At 9:38 am, the Sensex was at 75,196 with a gain of 1,349 points or 1.83 percent and the Nifty was at 22,843 with a gain of 444 points.
